Nvidia’s stock has experienced a remarkable increase, soaring 171% in 2024, which has led to the emergence of new billionaires. Tench Coxe, age 66, has now entered the Bloomberg Billionaires Index for the first time, boasting a net worth of $5.4 billion. Coxe has been a member of Nvidia’s board since 1993 and currently holds 32 million shares, making him the third-largest individual shareholder within the company.
He is preceded in share ownership by co-founder and CEO Jensen Huang, who retains 75 million shares, and fellow board member Mark Stevens, who holds 38 million shares. Stevens also made his debut on the Bloomberg Billionaires Index in July 2024, with a net worth of $9.3 billion. Another long-standing board member, Harvey Jones, who has been with Nvidia since its inception in 1993, has a stake valued at $1 billion. Huang’s wealth surpasses $120 billion, as he was first recognized as a billionaire by Forbes in 2017.
Not only is Coxe a new billionaire, but the board’s collective wealth, combined with Huang’s fortune, positions Nvidia as home to one of the wealthiest boards globally. The significant appreciation of Nvidia’s stock, which has surged over 2,200% in the past five years, has elevated many long-term employees to multimillionaire status.
A recent survey of more than 3,000 Nvidia employees revealed that 76% identified as millionaires, with one-third holding over $20 million. With around 30,000 employees at Nvidia, the majority enjoying substantial financial rewards, the work environment remains intense. An August report indicated that while many employees have achieved millionaire status, they continue to work diligently, highlighting a demanding corporate culture often described as a “pressure cooker.”
Despite this high-pressure environment, Nvidia boasts an impressively low turnover rate of 2.7%, significantly less than the industry average of 17.7%. This statistic underscores the company’s ability to retain talent, even amid the rigorous expectations placed on its employees.
