With the constant buzz surrounding Nvidia, the leading AI company that stands at the cusp of the tech revolution, it’s no surprise that its board members are enjoying the fruits of a significant stock surge. As of today, shares in the company are trading at a whopping $887, marking a 26.5% increase within this month alone.
The Insider Trading Windfall
In recent weeks, four insiders have sold their holdings through multiple transactions, as revealed by SEC filings. This puts them in the ranks of high-profile executives who, over recent months, have sold billions in company stock. This includes the likes of JPMorgan Chase CEO Jamie Dimon, who made his first-ever stock sale last month, amounting to $150 million, and Amazon founder Jeff Bezos, who let go of $8.5 billion in Amazon stock. Not to be left behind, Meta Platforms founder Mark Zuckerberg sold off $1.2 billion, while private equity founder Leon Black made his maiden sale worth $172.8 million.
Among the Nvidia board members, Tench Coxe, ex-managing director at Sutter Hill Ventures, a venture capital investment firm, sold $170 million in company stock in three transactions just yesterday. Coxe, who has been an Nvidia board member since 1993, earns restricted stock valued at $255,000 annually, besides $85,000 in cash.
The Board’s Big Players
Mark Stevens, another board member, parted with 12,000 shares of stock this week, fetching him around $10.2 million. This comes after he offloaded 15,000 shares last month, which were worth about $12 million. Stevens, who is the managing partner at S-Cubed Capital, a private family office investment firm, and formerly a partner at VC investment company Sequoia Capital, used to be a director from 1993 to 2006 before rejoining the board in 2008. Earlier in January, he had sold 36,000 shares when the stock was roughly $546, netting about $19.7 million.
Not to be left out, Mark Perry, another board member, sold 15,000 shares for approximately $11.9 million on Feb. 23, just two days after the company reported earnings on Feb. 21. Perry, a director for close to a decade, is a consultant for nonprofits and former CEO at biopharmaceutical company Aerovance.
Additionally, Harvey Jones, a longtime director who also joined the board in 2003, sold off a portion of his stake in the company for a cool $53 million. Jones is managing partner of Square Wave Ventures.
Major Stakeholders in Nvidia
Despite their recent sales, Coxe, Jones, Stevens, and Perry continue to hold significant stakes in the AI chip developer. Coxe owns around 4.1 million shares, Jones nearly a million shares, Perry 152,000, and Stevens a hefty 4.4 million shares. The company’s CEO, Jensen Huang, holds a massive 86 million shares in the company, accounting for a 3.5% stake.
Outside of Nvidia, Amazon CEO Andrew Jassy also made some moves this week, selling 50,000 shares in Amazon for about $9 million. This sale was part of a trading plan set up in advance.
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