Members of Nvidia's board of directors have liquidated their holdings in the company in recent weeks. getty
Members of the board of directors of Nvidia, the much-talked-about AI company at the forefront of technological evolution, are reaping the benefits of the company's soaring stock price. The company's stock is trading at $887 today, up 26.5% this month alone.
Four insiders sold their holdings in multiple transactions over the past four weeks, according to SEC filings. They join a growing list of executives who have sold billions of dollars in company stock in recent months. JPMorgan Chase CEO Jamie Dimon recorded $150 million in the first-ever stock sale last month, and Amazon founder Jeff Bezos sold $8.5 billion in Amazon stock. did. Meta Platforms founder Mark Zuckerberg sold $1.2 billion, and private equity founder Leon Black made his first sale worth $172.8 million.
Tench Coxe, a member of Nvidia's board of directors and former managing director of venture capital investment firm Sutter Hill Ventures, sold $170 million of the company's stock in three transactions yesterday. As a director, Mr. Cox earns $255,000 worth of restricted stock annually and he earns $85,000 in cash. Mr. Cox has been a director of Nvidia since 1993.
Similarly, director Mark Stevens sold 12,000 shares worth $10.2 million this week, after selling 15,000 shares worth about $12 million last month. Mr. Stevens is a managing partner at S-Cubed Capital, a private family office investment firm, and was previously a partner at Sequoia Capital, a VC investment firm. Mr. Stevens served as a director from 1993 to 2006 and returned to the board in 2008. Mr. Stevens previously sold 36,000 shares for about $19.7 million in January, when the stock price was about $546.
Another director, Mark Perry, sold 15,000 shares for about $11.9 million on February 23, just two days after the company reported its results on February 21. Mr. Perry has served on the board for nearly 10 years and is a nonprofit consultant and former CEO. At biopharmaceutical company Aerovance.
Harvey Jones, a longtime director who joined the board in 2003, carved out a portion of the company's stock for about $53 million. Jones is his partner in managing Square Wave Ventures.
Despite the sales, Cox, Jones, Stevens and Perry still hold significant stakes in the AI ​​chip developer. Mr. Cox owns approximately 4.1 million shares, Mr. Jones approximately 1 million shares, Mr. Perry 152,000 shares, and Mr. Stevens 4.4 million shares. CEO Jensen Huang owns approximately 86 million shares, or 3.5% of the company's stock.
Meanwhile, Amazon CEO Andrew Jassy sold 50,000 Amazon shares this week for about $9 million. His sale came as part of a pre-arranged trading plan.