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Nvidia’s Extraordinary Growth Creates Billionaires Among Board Members
Nvidia’s stock performance in 2024 saw an impressive increase of 171%, resulting in not just rising share prices but also new billionaires among its leadership.
Tench Coxe, who has served on Nvidia’s board since 1993, has entered the Bloomberg Billionaires Index for the first time, as reported on Thursday. His current net worth is estimated at $5.4 billion, making him Nvidia’s third-largest individual shareholder with 32 million shares. He trails behind Jensen Huang, the co-founder and CEO, who holds 75 million shares, and board member Mark Stevens with 38 million shares.
Furthermore, Coxe is not the only member of Nvidia’s board to reach billionaire status. Mark Stevens joined the Bloomberg Billionaires Index in July 2024, and his net worth stands at $9.3 billion. Another board member, Harvey Jones, who has been with Nvidia since its inception, boasts a stake valued at $1 billion. CEO Jensen Huang has a staggering net worth exceeding $120 billion; he was recognized as a billionaire by Forbes in 2017.
Coxe, Stevens, and Jones have all been board members for over three decades, contributing to Nvidia’s reputation as home to one of the wealthiest boards globally, especially when combined with Huang’s substantial fortune.
The stock surge has not only benefited top executives at Nvidia; the company’s remarkable rise of over 2,200% in stock value over the past five years has transformed numerous long-serving employees into multimillionaires.
A recent survey of over 3,000 Nvidia employees indicated that 76% of respondents reported being millionaires, with one-third claiming net worths exceeding $20 million. Nvidia employs approximately 30,000 individuals.
Despite many employees now being wealthy, an August report from Bloomberg highlighted that they continue to work diligently in a demanding environment. The article detailed Nvidia’s corporate culture, describing it as a “pressure cooker,” where even affluent employees feel the weight of high expectations.
However, the company has maintained impressive employee retention, with a turnover rate of just 2.7%, significantly lower than the industry average of 17.7%, as outlined in Nvidia’s fiscal year 2024 sustainability report.
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