The board members of Nvidia – the AI company that no one can stop talking about and that is at the forefront of technical development – are benefiting from a rise in the company’s shares. The company’s shares traded at $887 today, up 26.5% this month alone.
SEC filings show that four insiders sold holdings across multiple transactions in the past four weeks. They joined a growing list of executives who have sold billions in company shares in recent months. JPMorgan Chase CEO Jamie Dimon recorded his first stock sale last month, worth $150 million Amazon Founder Jeff Bezos sold $8.5 billion worth of Amazon shares. Metaplatforms Founder Mark Zuckerberg sold $1.2 billion and private equity founder Leon Black made his first sale worth $172.8 million.
Nvidia’s board includes Tench Coxe, former managing director of venture capital investment firm Sutter Hill Ventures, sold Yesterday, $170 million worth of company stock was held in three transactions. As a director, Coxe earns $255,000 a year in restricted stock and $85,000 in cash. Coxe has been a board member of Nvidia since 1993.
Also board member Mark Stevens dumped This week, 12,000 shares worth $10.2 million were sold after losing 15,000 shares worth about $12 million last month. Stevens is a managing partner at private family office investment firm S-Cubed Capital and was previously a partner at VC investment firm Sequoia Capital. Stevens served on the board from 1993 to 2006 and rejoined the board in 2008. Stevens previously sold 36,000 shares in January, when the share price was about $546, for about $19.7 million.
Another board member, Mark Perry, sold 15,000 shares for about $11.9 million on February 23, just two days after the company reported earnings on February 21. Perry has been a director, nonprofit consultant and former CEO of the biopharmaceutical company Aerovance for nearly a decade.
Harvey Jones, a longtime director who also joined the board in 2003, parted with some of his shares in the company for about $53 million. Jones is managing partner of Square Wave Ventures.
Despite their sales, Coxe, Jones, Stevens and Perry still hold significant stakes in the AI chip developer. Coxe holds about 4.1 million shares, Jones holds nearly a million shares, Perry holds 152,000 and Stevens holds 4.4 million shares. CEO Jensen Huang holds around 86 million shares of the company, representing a 3.5% stake.
Meanwhile, Amazon CEO Andrew Jassy sold 50,000 shares of Amazon stock for about $9 million this week. Its sale took place as part of a trading plan drawn up in advance.