Board members of Nvidia, the artificial intelligence company that no one can stop talking about and that is at the forefront of technological evolution, are reaping the benefits of a rally in the company’s shares. The company’s shares traded today at $887, up 26.5% this month alone.
Four insiders have sold holdings via multiple transactions over the past four weeks, SEC filings show. They joined a growing list of executives who have dumped billions in company stock in recent months. JPMorgan Chase CEO Jamie Dimon recorded his first stock sale last month worth $150 million, while Amazon founder Jeff Bezos sold $8.5 billion in Amazon shares. Meta Platforms founder Mark Zuckerberg sold $1.2 billion and private equity founder Leon Black made his first ever sale worth $172.8 million.
On Nvidia’s board of directors, Tench Coxe, former CEO of venture capital investment firm Sutter Hill Ventures, sold $170 million in company stock in three transactions yesterday. As a director, Coxe earns restricted stock worth $255,000 per year and $85,000 in cash. Coxe has been a member of Nvidia’s board of directors since 1993.
Likewise, board member Mark Stevens sold 12,000 shares worth $10.2 million this week after losing 15,000 shares last month, worth about $12 million. Stevens is a managing partner of private family office investment firm S-Cubed Capital and was previously a partner at VC investment firm Sequoia Capital. Stevens served as a director from 1993 to 2006 and rejoined the board in 2008. Stevens previously sold 36,000 shares in January, when the stock was trading at around $546 for about $19.7 million.
Another board member, Mark Perry, sold 15,000 shares for about $11.9 million on Feb. 23, just two days after the company reported earnings on Feb. 21. Perry has been a director for nearly a decade and is a consultant to nonprofits and a former CEO at the biopharmaceutical company Aerovance.
Harvey Jones, a longtime director who joined the board in 2003, cut a portion of his stake in the company by about $53 million. Jones is a managing partner of Square Wave Ventures.
Despite the 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 one million shares, Perry holds 152,000, and Stevens holds 4.4 million shares. CEO Jensen Huang holds about 86 million shares of the company, a 3.5% stake.
Meanwhile, this week, Amazon CEO Andrew Jassy sold 50,000 Amazon shares for about $9 million. Its sale was carried out as part of a business plan prepared in advance.