TapTechNews August 6th news, Nvidia's CEO, Jensen Huang, has been continuously减持 his stocks this summer. In July, he sold a record-breaking $323 million (TapTechNews note: currently about 2.305 billion yuan) of the company's stocks, just before the sharp decline in technology stocks.
Coupled with the sell-off in June, the co-founder and CEO of this chip giant has cashed out nearly $500 million (currently about 35.68 billion yuan) this summer, right at the time when Nvidia's stock price peaked in the artificial intelligence boom and before the recent plunge.
Although the sell-offs in June and July were carried out according to the 10b5-1 trading plan formulated in March, the timing was extremely fortunate. Nvidia's stock price has fallen by 14% in the past three trading days, with a 6.4% drop on Monday, and the Nasdaq 100 index has fallen to the lowest level since May.
Due to unexpectedly weak economic data, poor corporate earnings reports, and unfavorable seasonal factors, global stock markets have fallen significantly. The S&P 500 index dropped by 3%, marking the largest single-day decline in nearly two years, and the seven giants technology stock index represented by Nvidia and Apple once plummeted by nearly 10%.
According to the Bloomberg Billionaires Index, the wealth of the world's top 500 billionaires evaporated by $184.9 billion, among which technology giants lost $75.6 billion. Jensen Huang's net worth decreased by $5.9 billion, falling to the 16th place on the wealth list with $88.4 billion. Last month, his wealth briefly exceeded $1000 billion.
61-year-old Jensen Huang is not the only insider who sold Nvidia stocks in July. According to the documents, board member Mark Stevens sold about $125 million worth of stocks, and the company's global field operations executive vice president, Jay Puri, sold about $10 million worth of stocks.
Since the beginning of this year, Nvidia insiders have cashed out more than $10 billion worth of stocks in total. Jensen Huang has personally sold about $1.4 billion worth of stocks since the beginning of 2020, including the cash-out this summer. The documents show that he plans to continue selling the company's stocks in August.