David Velez, billionaire co-founder and CEO of Nu Holdings Ltd., has sold 31 million shares of the company, raising $404 million. This is the second time Velez has sold shares since Nu’s 2021 IPO, with the proceeds earmarked for estate planning purposes, according to a company filing.
Nu Holdings, the parent company of Brazil’s Nubank, reported a second-quarter profit that more than doubled from the previous year, boosting its stock by over 5% on Wednesday. The digital bank, which operates across Brazil, Mexico, and Colombia, is now Latin America’s most valuable publicly traded financial institution, with a market capitalization of around $64 billion. Nu Holdings serves nearly 105 million customers, covering almost 60% of Brazil’s adult population.
Velez first sold shares in August 2023, raising $191 million, with much of the proceeds directed toward his foundation focused on leadership and education in Latin America. Despite the recent sale, Velez retains a 20% stake in Nu Holdings, maintaining a net worth of $13.1 billion, according to the Bloomberg Billionaires Index.