Filings Show Huang's 870.6 Million Nvidia Shares Sit in Joint Family Trusts

Jensen Huang beneficially owned 870.6 million Nvidia shares, or 3.58% of the company, as of March 23, and filings show most of that stake sits in family vehicles he controls jointly with his wife, Lori Huang. Nvidia's 2026 proxy names the couple as co-trustees of three family trusts holding the bulk of the shares. Each of them, the proxy states, "may be deemed to have shared beneficial ownership of, and to exercise shared voting and investment power over" those shares and stock held by LLCs the main trust owns.

CNBC reported the couple jointly own roughly 800 million Nvidia shares worth about $135 billion, on top of about 70 million shares Huang holds directly. That valuation reflects the stock price at the time of the report, not a filing figure. The proxy figure is the harder number. It includes shares held by the couple's foundation and marks the largest individual holding in the proxy's ownership table.

Where the shares actually sit

Huang's Sept. 18 Form 4 lays out the structure after a Sept. 17 gift of 438,000 shares from the living trust:

• Huang Living Trust (1995): 467,693,547 shares
• Six TARG LLCs: 133,265,334 shares
• Irrevocable Remainder Trust: 109,040,602 shares
• Huang 2012 Irrevocable Trust: 31,421,011 shares
• Held directly: 70,100,666 shares

The living trust is the sole member of the six LLCs. It moved 30 million shares into each of two new entities, TARG S3 and TARG M3, in June. In March, two 2016 annuity trusts — one in Lori Huang's name, one in Jensen Huang's — terminated and shifted about 29.5 million shares each, nearly 59 million in total, into the Irrevocable Remainder Trust. His 2026 Form 4s record vesting awards, tax withholdings and gifts, and no open-market sales.

Does the resignation change anything?

The structure matters more now that Huang has resigned as Nvidia's president, CEO and director, effective Nov. 11. One question goes unanswered in the filings. Nvidia's Nov. 12 8-K announcing the resignation does not say how his unvested stock awards will be treated. Until the company discloses that treatment, the size of any future stake remains an estimate, not a fact.

What role does Lori Huang play?

Lori Huang is president of the Jen-Hsun & Lori Huang Foundation, a role she has held on every available filing since 2014, with Jensen Huang as secretary and chief financial officer, Fortune reported from the foundation's tax returns. The foundation's net assets grew from about $819 million at the end of 2020 to about $9.2 billion at the end of 2024, mostly Nvidia stock. It paid no salaries and made about $126.3 million in grants in 2024, of which more than $82 million went to Schwab Charitable Fund. Its largest named grants went to Oregon State University, where the couple met, at about $30.5 million, and Crisis Text Line, at about $10.8 million.

The foundation held 58.7 million Nvidia shares in March, per the proxy. The couple keep feeding it. The living trust gave the foundation 266,670 shares in June and 292,000 in September, alongside gifts to a donor-advised fund. The proxy says the Huangs, as foundation board members since 2007, may share voting and investment power over those shares but hold no financial interest in them.

What comes next

The trust structure preserves joint control regardless of Huang's board status, and the absence of any open-market sales in 2026 suggests the couple has not monetized the position. How the unvested awards are handled, and whether future gifts continue at the recent pace, will shape the stake's slow dilution from 3.58%.