Nvidia's CEO, Jensen Huang, continued his trend of selling shares this summer, offloading a record $322.7 million worth of stock in July, just before a significant tech stock sell-off.

Including the shares sold in June, Huang, who co-founded the chipmaker, has sold nearly $500 million worth of stock since it peaked during an AI-driven rally.

Although the sales in June and July were part of a 10b5-1 trading plan set in March, the timing was fortuitous. Nvidia shares have dropped 14% over the past three trading days, including a 6.4% decline on Monday (Aug 5), as the Nasdaq 100 Index hit its lowest point since May.

Global stocks experienced a sharp sell-off as investors faced weak economic data, disappointing corporate earnings, and unfavorable seasonal trends. The S&P 500 fell 3%, marking its largest one-day drop in almost two years, while a group of major tech companies, including Nvidia and Apple, saw nearly a 10% decline at one point.

This downturn wiped out $184.9 billion from the fortunes of the world's 500 wealthiest individuals, according to the Bloomberg Billionaires Index, with tech moguls losing $75.6 billion.

Huang's net worth decreased by $5.9 billion, placing him 16th on the wealth list with $88.4 billion, down from over $100 billion last month. Nvidia declined to comment on the matter.

Huang's daily sale of 120,000 shares occurred during a volatile month for both Nvidia and Huang, with their fortunes rising and falling together. In July alone, Nvidia shares were responsible for four of the eight largest market cap losses, according to Bloomberg data.

The Santa Clara, California-based chipmaker rebounded by the end of July after competitor Advanced Micro Devices provided an optimistic revenue forecast, reigniting investor interest in the sector. Nvidia added a record $329 billion in market value on July 31, increasing Huang's wealth by nearly $12 billion.

Huang, 61, wasn't the only Nvidia insider to sell shares in July. Board member Mark Stevens sold about $125 million worth of shares, while Jay Puri, the company's executive vice president of worldwide field operations, sold approximately $10 million.

In total, Nvidia insiders have sold over $1 billion worth of shares since the beginning of the year. Huang has personally sold about $1.4 billion in shares since 2020, including this summer's sales. He plans to continue selling into August, according to a filing.