Nvidia's record buyback shows chipmaker's stock is too cheap for CEO Huang to resist
Nvidia is looking to spend hundreds of billions of dollars buying its stock at a time when it's historically cheap based on earnings expectations.
Eric Gullichsen, a former Nvidia advisor, claims he is owed 4.5 million shares, or approximately $1.01 billion, of NVDA stock due to a 1993 vesting error, according to his blog post. Gullichsen, an early Technical Advisory Board member, was granted 25,000 options in September 1993, which were meant to vest in four quarters instead of four years.
A CFO letter from April 1996 stated that 15,625 shares had vested, leaving 9,375 more to vest. After 480 stock splits, this would equate to 4.5 million shares or about $1.01 billion, based on Nvidia's stock price on September 25. Gullichsen and his counsel believed the statute of limitations barred any legal action, and it seemed unlikely they would succeed in court. Despite agreeing on a settlement, Nvidia still declined to settle.
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