Nvidia CEO Jensen Huang has kicked off his first stock sales under a pre-arranged 10b5-1 trading plan, aiming to sell up to $865 million worth of shares by year-end. According to an SEC filing on Monday, Huang sold 100,000 shares for $14.4 million over June 20 and 23.
The move is part of a plan adopted in March and disclosed last month. Huang, now the 12th richest person globally with a $126 billion fortune (mostly in Nvidia shares), has sold over $1.9 billion worth of Nvidia stock to date, per Bloomberg.
The plan allows executives to sell shares without alarming investors. Huang has the option to sell up to 6 million shares in total. Another filing shows he plans to sell 50,000 more shares soon.
Meanwhile, Nvidia board member Mark Stevens has also been cashing out. He sold over 600,000 shares for $88 million on June 18 and has disposed of more than 2 million shares so far from a 4 million share plan — not covered by a 10b5-1. Stevens’ net worth stands at $9.8 billion.