Nubank CEO Sells $404 Million of Shares as Stock Hits Record
- Co-founder David Velez sells 31 million shares, filing shows
- Sale is intended for ‘estate planning,’ company says
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David Velez, the billionaire co-founder and chief executive officer of Nu Holdings Ltd., sold stock Wednesday for the second time since a 2021 initial public offering.
Velez unloaded 31 million shares, or about 3% of his total stake, via his trust Rua California Ltd. to raise $404 million, according to a filing. The sale is intended for “estate planning purposes,” the company said.