Jensen Huang sells $40 million of Nvidia shares under this trading plan he adopted in March: What is it
Jensen Huang has sold 201,404 company shares this week. According to a Form 4 filing with the
Securities and Exchange Commission
(SEC), the transactions were made on August 11, 12 and 13, under a prearranged
10b5-1 trading plan
that he adopted in March earlier this year. The shares were sold at price ranging from $180.026 to $183.6417, resulting in total proceeds of $40,959,534. These transactions, as per a
Investing.com
report, came as Nvidia's stock trades close to its 52-week high of $184.48. The chipmaker has reported revenue growth of 86% over the past 12 months. Post these transactions, Huang still owns 72,998,225 shares.
What is 10b5-1 trading plan under which Nvidia CEO sold shares
Rule 10b5-1 is a regulation from the US SEC that lets insiders at public companies set up a plan to sell their shares ahead of time. Under this rule, major shareholders can schedule the sale of a fixed number of shares at a set time, helping them avoid accusations of insider trading. Many company executives use 10b5-1 plans for this reason.
The rule was introduced to clarify Rule 10b-5, part of the Securities Exchange Act of 1934, which is the main law used to investigate securities fraud.
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How much shares Nvidia CEO Jensen Huang now owns
After the latest sell-off,
Jensen Huang
now owns 72,998,225 shares of Nvidia common stock. As per the report, he also indirectly owns significant stakes through various trusts, partnerships and limited liability companies. These include 582,503,470 shares held by the Jensen & Lori Huang Living Trust, 49,489,560 shares held by J. and L. Huang Investments, L.P., and other holdings through irrevocable trusts and limited liability companies.
On August 11, Huang sold 3,995 shares at an average price of $180.97, 12,903 shares at $181.97, 46,436 shares at $182.90, and 11,666 shares at $183.52.
The next day, August 12, he sold 3,952 shares at $180.05, 16,093 shares at $181.01, 29,095 shares at $182.10, and 25,860 shares at $182.82.
The sales ended on August 13, with 14,148 shares sold at $180.03, 26,758 shares at $180.97, 20,553 shares at $181.70, 9,958 shares at $182.95, and 3,583 shares at $183.64.
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