Semiconductor giant NVIDIA Corporation (NASDAQ: NVDA) continued its huge 2023 with second-quarter financial results that beat analysts' expectations.
With the strong quarterly results and a surging stock price, the wealth of Nvidia co-founder and CEO Jensen Huang rises.
What Happened: Shares of Nvidia surged in after-hours trading Wednesday after second-quarter financial results.
The increase in shares, which passed $500 on Wednesday, increased the wealth of Huang.
As the co-founder and CEO of the company since it was founded in 1993, Huang owns around 3.5% of the semiconductor company.
According to Bloomberg, Huang saw his wealth increase by $4.2 billion Wednesday night. With the increase and Nvidia shares topping $500, Huang had a listed wealth of $46 billion, with an impressive gain of $32 billion year-to-date in 2023.
Why It's Important: Huang has been the instrumental leader of Nvidia since its formation and helped steer the company since its 1999 public debut.
Much of Huang's wealth comes from his 3.5% stake in the company, owning more than 80 million shares.
The $4.2 billion gain Wednesday ranked Huang as one of the 25 richest people in the world, according to the Bloomberg Billionaires Index.
While it remains to be seen if Huang can sustain the top 25 position, the increase in wealth in 2023 is more than impressive.
The $32 billion gain by Huang in 2023 trails only five other billionaires, listed below:
- Elon Musk: +$79.2 billion
- Mark Zuckerberg: +$59.8 billion
- Jeff Bezos: +$51.6 billion
- Larry Ellison: +$37.5 billion
- Larry Page: +$32.9 billion
NVDA Price Action: Nvidia shares are up 2.80% to $484.34 on Thursday, pulling back from the over $500 level seen late Wednesday and early Thursday.