Three of Nvidia Corp.’s longest-serving board members have become billionaires as a result of the company’s explosive growth in 2024, which also made its CEO, Jensen Huang, a billionaire.
Net worth of Nvidia’s shareholders
According to the Bloomberg Billionaires Index published on Thursday, January 2, Tench Coxe, who has served on the board of Nvidia since its inception, currently has a net worth of $5.4 billion. With more than 32 million shares, Coxe, 66, is the third-largest individual shareholder in the corporation.
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With a $9.3 billion wealth, Mark Stevens, another board member of Nvidia, is the 298th richest person in the world.
According to Bloomberg, Harvey Jones, the third member of this exclusive club and a $1 billion shareholder in the corporation, has sold more than $300 million worth of shares.
Given that none of the board members of Nvidia are family dynasties or the company’s founders, the wealth explosion among them is an uncommon occurrence.
Due to the increased demand for its chips in artificial intelligence, Nvidia’s stock jumped 171% in 2024, placing it as the S&P 500 Index’s second-best performer.
Each of the three billionaire directors has over thirty years of experience on the Nvidia board.
According to Bloomberg estimates, Huang and the company have a combined net worth of over $130 billion, making Nvidia one of the top 10 wealthiest corporate boards in the world.
Read also: Nvidia stock: buy, hold, or sell?
Nvidia’s CEO’s $114.4 billion net worth projects him to 12th world richest person
In 2024, CEO Jensen Huang’s fortune soared by more than $70 billion to $114.4 billion, making him the 12th richest person in the world.
With a $700 million stake in Nvidia, Brooke Seawell, the fifth board member, is also getting close to becoming a billionaire.
Coxe’s adventure started in 1993 when he made an early investment in Nvidia as a member of Sutter Hill Ventures. Coxe and Stevens, who were partners at Sequoia Capital at the time, joined the company’s board as a result of this early wager. Their investments in the formerly obscure startup have become enormous fortunes.
Coxe, a former All-Ivy squash player and Dartmouth graduate, started his career with Lehman Brothers before relocating to Sutter Hill in 1987.
Coxe, who also had shares in other well-known software firms like Snowflake Inc., saw Nvidia as a distinguishing success.
Only businesses like Tesla Inc., whose board comprises Elon Musk and billionaire directors like James Murdoch and Joe Gebbia, co-founders of Airbnb, can match Nvidia’s board as the richest in the world.