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Nvidia stock closed 4% higher on a report that CEO Jensen Huang is done selling shares.
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Huang raked in $713 million in total proceeds from the sales.
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He remains Nvidia’s biggest shareholder.
Nvidia shares climbed as much as 5% on Tuesday as Barron’s reported CEO Jensen Huang is done with planned sales of stock.
Huang has reached the 6-million-share maximum threshold he’s permitted to sell under a prearranged plan adopted in March. The trading plan, known as a 10b5-1, enables company insiders to trade a firm’s stock in a predetermined manner.
Huang remains the company’s largest Nvidia shareholder. According to an SEC filing from September 18th, the executive holds over 75 million worth of Nvidia common stock; that’s aside from another 785 million held through various trusts and partnerships.
The stock has rallied 150% year-to-date. Nvidia has become a Wall Street favorite in recent years, as that its semiconductor hardware has become a core component of the artificial intelligence boom.
Its top customers include other big tech names, such as Microsoft, Meta, Alphabet, and Amazon.
Read the original article on Business Insider
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