Nvidia stock jumps on report CEO Jensen Huang is done selling shares after $713 million windfall

• Nvidia shares closed up 4% on a report that CEO Jensen Hwang has finished selling shares.

• Hwang generated $713 million in total sales revenue.

• He remains the largest shareholder in Nvidia.

Nvidia Shares rose 5% on Tuesday. Barron’s newspaper reported CEO Jensen Hwang has completed planned stock sales.

Hwang has reached the maximum 6 million shares he is allowed to sell under a plan agreed upon in March. The trading plan, known as a 10b5-1, allows company insiders to trade the company’s stock in a predetermined manner.

Hwang remains Nvidia’s largest shareholder. According to Filing an Application with the Securities and Exchange Commission As of September 18, the CEO owned more than $75 million in Nvidia common stock, along with another $785 million held through various funds and partnerships.

The stock is up 150% year to date. Nvidia has become a Wall Street favorite in recent years as its semiconductor devices have become a key component in the artificial intelligence boom.

Its major clients include other big tech names, such as Microsoft, Meta, Alphabet, and Amazon.

Read the original article on Business Insider