Jensen Huang's roughly $140 billion Nvidia stake is mostly held through trusts jointly controlled with his wife, Lori, creating complications following his recent resignation from the company.
The Huangs jointly own about 800 million Nvidia shares worth roughly $135 billion through multiple trusts and LLCs, according to SEC filings. Jensen owns an additional 70 million shares directly, valued at about $12 billion.
The joint ownership structure is uncommon. Tax experts say it's typical for founders to hold company stock through trusts for tax and estate planning, but less typical for equal ownership with a spouse.
The Huangs co-own about 530 million shares as co-trustees of the Jen-Hsun and Lori Huang Living Trust, established in 1995. They also co-manage the Huang 2012 Irrevocable Trust, which holds 31.4 million shares, and the Huang Irrevocable Remainder Trust, which holds 109 million shares. Another 135 million shares sit in LLCs controlled by the Living Trust.
Lori Huang serves as president of the Jen-Hsun and Lori Huang Foundation, which owns 69 million shares and reported $9 billion in net assets in 2024.
The living trust likely functions as a revocable marital trust designed to avoid probate when one spouse dies. When one spouse passes, the surviving spouse receives a step-up in basis for the entire trust's assets rather than just their half, creating a tax benefit.
Attorneys say shares held in a revocable trust can typically be divided or sold fairly easily in a divorce scenario. "It's like a joint checking account," according to Kathleen Martone, partner at Varnum LLP.
The irrevocable trusts, which hold the largest portion of shares, operate differently. These cannot be changed without beneficiary or court consent. The 2012 irrevocable trust likely functions as an "intentionally defective grantor trust," allowing the creator to gift assets while remaining treated by the IRS as the owner for income tax purposes. This structure enables unlimited gifts that escape estate tax.
Company agreements typically limit executives' ability to sell shares freely, preventing large-scale liquidation. The joint trust structure makes it more difficult for either Huang or his wife to quickly sell shares.