Jensen Huang made the stock sale ahead of the broader selloff which occurred after a slew of weak US economic data and missed tech earnings
Jensen Huang sold a record amount of Nvidia shares from his portfolio in July following which his total stock sales stand at nearly $500 million this year ahead of a global stock sell-off. The Nvidia boss sold $322.7 million worth of his company’s shares in July and has sold nearly $500 million this year, as per filings with the Securities and Exchange Commission.
Jensen Huang, chief executive officer of Nvidia, speaks at SIGGRAPH 2024, the premier conference on computer graphics and interactive techniques, in the Colorado Convention Center in Denver.(AP)
The sales are part of a pre-determined trading plan which was filed by Jensen Huang in March. The tech boss made the stock sale ahead of the broader selloff which occurred after a slew of weak US economic data and missed tech earnings amid fears of recession in the country.
Since 2020, Jensen Huang has sold off $1.4 billion of company stock and he will sell more of his shares in the month of August as well, according to a separate filing.
Is Jensen Huang’s move just like Warren Buffett’s?
Warren Buffett dumped 55.8% of Berkshire Hathaway’s holdings of Apple stock in the first six months of 2024 and has sold 505 million Apple shares since the end of 2023. Warren Buffett buying the iPhone maker’s stock in 2016 and has spent roughly $40 billion. Apple shares have delivered a total return of nearly 800% since Berkshire first disclosed its stake, the Financial Times reported.
This year, he has slashed Berkshire’s Apple stake 13% in the first quarter of 2024 and sold another 49% in the second quarter, ending June, the Wall Street Journal reported citing Berkshire regulatory filings.
News/Business/ Like Warren Buffett? Nvidia’s Jensen Huang sold record $323 million stock in July before market crash
