- Jensen Huang sold $322.7 million of Nvidia shares in July.
- Last month's selling brings his total stock sales to nearly $500 million this summer.
- The sales preceded a tech-led stock plunge driven by weak earnings and soft economic data.
Jensen Huang shed a record amount of Nvidia shares from his portfolio last month, bring his total stock sales to nearly $500 million this summer, putting the CEO of the chip titan ahead of a brutal global stock sell-off.
According to filings with the Securities and Exchange Commission, Huang sold $322.7 million worth of his company's shares in July and has sold nearly $500 million in stock this summer.
The sales are part of a pre-determined trading plan Huang filed in March, and the transactions were well-timed. The CEO got ahead of the broader selloff in tech, which gathered momentum last Thursday after a slew of weak economic data and missed tech earnings.
Nvidia stock, in particular, has been under pressure even prior to the latest bout of market volatility, as investors begin to question the impact of heavy artificial intelligence spending on corporate earnings.
The stock dropped another 7% on Monday, bringing the total decline over the last month to around 20%.
Huang's sales add to a company-wide selling spree, with insiders at the firm selling more than $1 billion worth of shares so far this year, according to a Bloomberg analysis.
Huang has sold off $1.4 billion of company stock since 2020. He intends to continue selling his shares through the month of August, according to a separate filing.