Nvidia’s 2026 proxy statement lists its chief executive, Jen-Hsun Huang, as the beneficial owner of 870,604,104 shares as of 23 March 2026, or 3.58% of the common stock. Nvidia has a single class of common stock, and stockholders have “one vote for each share”, the proxy says. At Nvidia’s $186.64 Nasdaq close on 6 November, the stake was worth about $162.5 billion, by our arithmetic.
A Kalshi post on 9 November put 528,000,000 Nvidia shares in a trust the CEO controls. That matches the proxy’s 528,531,547 shares held in a living trust of which the CEO is a co-trustee, which is 61% of the CEO’s stake by our arithmetic.
Business Pill · GPUs
A one-minute explainer of what GPUs are and why AI training depends on them, the product behind Nvidia’s market value. It teaches the general idea only and does not discuss the CEO’s shareholding.
The key insight: Nvidia’s 2026 proxy statement lists the CEO as beneficial owner of 870,604,104 shares, 3.58% of a single class with one vote per share, about $162.5 billion at the 6 November close by our arithmetic. BlackRock (7.43%) and Vanguard Capital Management (7.31%) each hold roughly twice that share, by our arithmetic.
Footnote 1 of the ownership table breaks the 870.6 million shares down. Besides the living trust, two irrevocable trusts hold 31,421,011 and 109,040,602 shares, and four LLCs whose sole member is the living trust hold 6,632,667, 6,632,667, 30,000,000 and 30,000,000 shares.
A foundation holds 58,683,830 shares. The proxy says that, as a board member of the foundation, the CEO may be deemed to have shared beneficial ownership of, and shared voting and investment power over, those shares, and states that the CEO has “no pecuniary interest” in them.
Together, the trusts, LLCs and foundation account for 800,942,324 shares, or 92% of the stake, by our arithmetic. The remaining 69,661,780 shares are not itemised in the footnote.
How the Nvidia CEO’s 870,604,104 beneficially owned shares were held as of 23 March 2026, from footnote 1 of the 2026 proxy statement. The 92% share held in trusts, LLCs and a foundation, and the ‘other’ remainder, are FourWeekMBA’s arithmetic.
Who Holds More
Two asset managers hold larger stakes in the same table: BlackRock with 7.43% of the shares and Vanguard Capital Management with 7.31%, based on their Schedule 13G/A filings. Each holds roughly twice the CEO’s 3.58%, by our arithmetic. All 14 directors and executive officers as a group hold 3.94%.
The Board
The board has 10 members. The proxy lists 9 of them as independent under Nasdaq rules, with the CEO the only Nvidia officer, and names Stephen C. Neal as Lead Director. Its governance highlights include “All directors independent, except for our CEO”, an “Independent Lead Director”, a declassified board, majority voting for directors and proxy access.
The CEO filed five Form 4 reports in 2026. In March they show awards of 179,411 and 757,360 shares tied to a fiscal 2026 performancegoal, 437,908 shares withheld for tax at $181.93, and transfers among trusts reported as gifts on 18 March.
Later filings show gifts of 400,000 shares on 16 June and 438,000 shares on 17 September from trust holdings, and shares withheld for tax in June and September. None of the five filings reports an open-market sale.
The board’s review, the off-exchange price moves of 9 November and the governance reactions are in Nvidia Board Opens Independent Probe 9 Days Before Results, which now links here. This piece adds the ownership and board facts from the company’s own filings.
The Structural Read
As we read the proxy table, the CEO is the largest individual holder but not the largest holder: two asset managers each hold roughly twice the CEO’s percentage, and every share carries one vote.
As we read footnote 1, most of the stake is held through structures rather than directly: by our arithmetic, 92% sits in trusts, LLCs and a foundation, and the foundation’s shares carry no pecuniary interest for the CEO, per the proxy.
As we read the 2026 Form 4 filings, the year’s reported transactions were awards, tax withholding, gifts and transfers among trusts; none of the five filings reports an open-market sale.
FOR THE BOARD The proxy lists 9 of 10 directors as independent and names Stephen C. Neal as Lead Director.
FOR HOLDERS Stockholders have one vote for each share, so the CEO’s 3.58% carries 3.58% of the votes, by our arithmetic.
FOR THE TIMELINE Nvidia reports results on 17 November, and the incoming Democratic majority takes its seats on 3 January, as covered in our earlier pieces.
What Is Not Established
The ownership figures are as of 23 March 2026, the date of the proxy table. A Form 4 filed on 18 September reports a trust holding of 467,693,547 shares after the 17 September gift; we have not reconciled that line with the proxy’s figures. The $162.5 billion value, the 61% and 92% shares and the comparison with BlackRock and Vanguard are our arithmetic. The Kalshi figure is rounded. This piece does not describe how any holder would vote.
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Nvidia’s 2026 proxy statement lists the CEO as owner of 870,604,104 shares, or 3.58% of a single class with one vote per share, about $162.5 billion at the 6 November close by our arithmetic. Of that stake, 528,531,547 shares sit in a living trust, a figure the Kalshi post matches, and 92% sits in trusts, LLCs and a foundation.
A note on sourcing. Ownership and board figures are from Nvidia’s 2026 proxy statement (DEF 14A, filed 12 May 2026), as of 23 March 2026; transaction details are from the CEO’s 2026 Form 4 filings on EDGAR. The $162.5 billion value, the 61% and 92% shares and the comparison with BlackRock and Vanguard are our arithmetic. The Kalshi post is linked rather than embedded.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
