Nvidia Corp.’s meteoric rise in 2024 has propelled its CEO Jensen Huang to a billionaire and minted three of the chipmaker’s longest-serving board members as billionaires.
Tench Coxe, who has been on Nvidia’s board since its early days, now boasts a net worth of $5.4 billion, according to the Bloomberg Billionaires Index. Coxe, 66, is the company’s third-largest individual shareholder with over 32 million shares.
Mark Stevens, another Nvidia board member, ranks as the 298th-richest person globally, with a fortune of $9.3 billion. Harvey Jones, the third board member in this exclusive club, holds a $1 billion stake in the company and has sold more than $300 million worth of shares, Bloomberg reports.
The wealth surge among Nvidia’s board members is a rare phenomenon, especially as none of them are company founders or part of a family dynasty. Nvidia’s stock soared 171% in 2024, driven by surging demand for its chips in artificial intelligence, making it the second-best performer on the S&P 500 Index.
All three billionaire directors have served on Nvidia’s board for more than three decades. Combined with Huang, they hold a collective net worth exceeding $130 billion, placing Nvidia among the top 10 wealthiest corporate boards globally, according to Bloomberg data.
CEO Jensen Huang, now the 12th-richest person in the world, saw his fortune skyrocket by more than $70 billion in 2024, reaching $114.4 billion. A fifth Nvidia board member, Brooke Seawell, is also nearing billionaire status with a $700 million stake in the company.
Coxe’s journey began in 1993 when he, as part of Sutter Hill Ventures, invested in Nvidia during its infancy. This early bet brought Coxe and Stevens, then a partner at Sequoia Capital, onto the company’s board. Their stakes in what was once a little-known startup have grown into monumental fortunes.
Coxe, a Dartmouth graduate and former All-Ivy squash player, began his career at Lehman Brothers before moving to Sutter Hill in 1987. Nvidia became a defining success for Coxe, who also held stakes in other prominent tech companies like Snowflake Inc.
Nvidia’s board joins the ranks of the world’s richest, rivaled only by companies like Tesla Inc., whose board includes Elon Musk and billionaire directors such as Airbnb co-founder Joe Gebbia and James Murdoch.
