Jensen Huang, the chief executive officer (CEO) of microchip giant Nvidia (NVDA), has sold $633 million U.S. worth of company stock since June of this year.
According to publicly available filings with the U.S. Securities and Exchange Commission (SEC), Huang sold 5.3 million shares between June 13 and Sept. 5 worth $633.1 million U.S.
Despite the sales, Huang remains Nvidia’s largest individual shareholder and continues to own 3.5% of the company.
While Huang’s stock sales were prearranged through a Rule 10b5-1 trading plan, the timing of the sales coincides with a slide in Nvidia’s share price.
Since hitting a 52-week high of $140 U.S. in early July of this year, Nvidia’s stock has declined nearly 25% to currently trade at $107.21 U.S. per share.
The stock has declined on worries that a bubble might be forming in artificial intelligence (A.I.) companies, and after financial results showed Nvidia’s meteoric growth is beginning to slow.
However, despite the current pullback, Nvidia’s stock is still up 123% this year and remains the best-performing security in the benchmark S&P 500 index.
Tech Insider
