CNBC AI News, July 30 – Riding the AI wave to unprecedented heights, NVIDIA continues to see its stock soar, pushing its market capitalization beyond the $4 trillion mark. This meteoric rise isn’t just benefiting shareholders; it’s also creating a new class of ultra-wealthy within the company’s ranks.
According to the latest Bloomberg Billionaires Index, NVIDIA has minted two new billionaires within its executive leadership. NVIDIA now boasts a total of six billionaires.
The newest additions to this exclusive club are Chief Financial Officer Colette Kress and Jay Puri, Executive Vice President of Worldwide Field Operations. Their fortunes are largely tied to their NVIDIA stock holdings, accrued primarily through equity-based compensation programs.
Colette Kress joined NVIDIA in 2013, well before its $10 billion valuation breakthrough. Previously holding senior finance positions at Cisco and Microsoft, she was persuaded to join NVIDIA by CEO Jensen Huang’s visionary leadership. Kress noted in a 2018 interview Huang’s foresight convinced her to take the leap.
Jay Puri, a veteran at NVIDIA, joined the company in 2005. In his current role, Puri oversees NVIDIA’s global sales and operations.
NVIDIA’s other board members, including Mark Stevens, Tench Coxe, and Harvey Jones, were already members of the billionaire’s club, adding to the concentration of wealth at the top.
Earlier this year, investor Ruben D revealed that an estimated 78% of NVIDIA employees have become millionaires, with half of those boasting a net worth exceeding $25 million, underscoring the widespread financial impact of NVIDIA’s success.
Jensen Huang playfully remarked at the AI Summit on July 23rd: “I’ve created more billionaires in my management team than any other CEO in the world. They’re doing quite well.”
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