Nvidia shares rose 171% in 2024, creating newly minted billionaires.
Tench Coxe, 66, an Nvidia board member since 1993, has secured a spot on the Bloomberg Billionaires Index for the first time, the publication reported Thursday.
According to the index, Coxe is now worth $5.4 billion. With 32 million shares, he is Nvidia's third-largest individual shareholder, behind Nvidia co-founder and CEO Jensen Huang (75 million shares) and fellow board member Mark Stevens (38 million shares).
Coxe isn't the only billionaire Nvidia board member. Stevens was first added to the Bloomberg Billionaires Index 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, owns a $1 billion stake in Nvidia, according to Bloomberg. Huang, also a board member, is worth over $120 billion. He was first listed as a billionaire by Forbes in 2017.
Related: He bought Nvidia stock in 1993. Now they are 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, Nvidia's board of directors is one of the richest in the world based on their net worth and Huang's wealth.
Nvidia CEO Jensen Huang. Photo by Chip Somodevilla/Getty Images
It's not just Nvidia's top executives who have benefited from the company's stock jump – Nvidia's over 2,200% gain over the last five years has turned long-time employees into multimillionaires.
Related: Employees Who Worked at This Company for the Last 5 Years Are Now 'Partially Retired' Multimillionaires
A June survey of over 3,000 Nvidia employees found that 76% were millionaires and a third had assets exceeding $20 million. Nvidia employs a total of around 30,000 people.
Although the majority of respondents were millionaires, an August Bloomberg report suggested they were still working hard. The report examined the culture and expectations at Nvidia and concluded that the company had a “pressure cooker” environment.
Nevertheless, Nvidia has no problems retaining employees. The fiscal year 2024 sustainability report said total revenue was 2.7%, compared to the industry average of 17.7%.
Related: “Pressure Cooker”: Why Nvidia’s Millionaire Employees Still Work Until 2 a.m