NVIDIA's stock price surged 12.8% on Wednesday, and its market value surged by US$329 billion overnight, setting a record for the largest single-day growth. Driven by this, the company's CEO Huang Jensen's personal wealth soared by nearly US$12 billion overnight, setting a single-day growth record for his personal wealth, exceeding the previous record of US$9.6 billion on February 22.
This also brought Huang Renxun's net worth back to more than 100 billion U.S. dollars for the first time in a week, and as of Wednesday's closing price, it was 102.8 billion U.S. dollars.
Nvidia's stock price has been volatile recently as investors abruptly exited the surging technology stock ahead of an expected interest rate cut by the Federal Reserve in September. But that reversed on Wednesday after rival Advanced Micro Devices Inc. unveiled an upbeat revenue forecast reflecting strong demand for artificial intelligence. After Wednesday's rally, Nvidia's year-to-date gains have reached 136%.
Huang, 61, is the 14th richest man in the world, second only to Michael Dell. He has been steadily taking advantage of Nvidia's outperformance, selling its stock as part of a 10b5-1 trading plan. He sold nearly $169 million worth of stock in June, his largest cash out in a single month.
He's not the only insider selling shares. In the first half of this year, Nvidia executives and directors reduced their holdings of more than $700 million in stock.