Nubank’s Billionaire CEO Velez Sells $191 Million Stake in Firm
- Sale is his first since IPO and will go toward his foundation
- Shares of Nubank have rebounded strongly in 2023, gaining 88%
David Velez
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The billionaire co-founder of Nu Holdings Ltd., the world’s biggest standalone digital bank, sold shares in the company for the first time since its 2021 IPO, raising about $191 million.
David Velez said in an interview that he sold 3% of his stake in the Sao Paulo-based company, or 25 million shares. The proceeds will largely go toward funding his foundation with his wife Mariel Reyes, which is focused on leadership and education initiatives in Latin America.