Nvidia shares grew 171% in 2024, leading to newly minted billionaires.
Tench Coxe, 66, a member of Nvidia’s board since 1993, has earned a place on the Bloomberg Billionaires Index for the first time, the publication reported on Thursday.
According to the Index, Coxe is now worth $5.4 billion. He’s Nvidia’s third-largest individual shareholder, with 32 million shares, behind Nvidia co-founder and CEO Jensen Huang (75 million shares) and fellow board member Mark Stevens (38 million shares).
Coxe isn’t Nvidia’s only billionaire board member. Stevens made the Bloomberg Billionaires Index for the first time in July 2024 and has a net worth of $9.3 billion at the time of writing. Another board member who joined Nvidia when it was founded in 1993, Harvey Jones, has a $1 billion stake in Nvidia, per Bloomberg. Huang, also a board member, is worth over $120 billion. He was first recorded as a billionaire by Forbes in 2017.
Related: He Bought Nvidia Stock in 1993. Now It’s the Backbone of His $8.8 Billion Net Worth.
Coxe, Stevens, and Jones have each been Nvidia board members for more than 30 years. According to Bloomberg, their net worth coupled with Huang’s fortune makes Nvidia’s board one of the wealthiest in the world.
Nvidia CEO Jensen Huang. Photo by Chip Somodevilla/Getty Images
It’s not just Nvidia’s top brass that has benefitted from the company’s stock jump — Nvidia’s over 2,200% surge over the past five years has made long-term employees multimillionaires.
Related: Employees Who Worked at This Company for the Past 5 Years Are Now Multi-Millionaires in ‘Semi-Retirement’
A June poll of over 3,000 Nvidia employees showed that 76% were millionaires and one-third were worth over $20 million. Nvidia has around 30,000 total employees.
Even though the majority of respondents were millionaires, an August Bloomberg report indicated they were still working hard. The report unpacked the culture and expectations at Nvidia and concluded that the company had a “pressure cooker” environment.
Still, Nvidia has no problems holding onto employees. Its sustainability report for fiscal year 2024 details that overall turnover was 2.7% compared to the industry average of 17.7%.
Related: ‘Pressure Cooker’: Why Millionaire Nvidia Employees Are Still Working Until 2 a.m.