How Nvidia CEO Jensen Huang is avoiding $8 billion in taxes on inheritance: Report

Nvidia's CEO Jensen Huang, the 10th-richest person in the US with a net worth of $127 billion will be able to pass on much of his fortune in the event of his death without paying around 40% of it in estate taxes, the New York Times reported. CEO of Nvidia Jensen Huang, speaks during the launch of the supercomputer Gefion, where the new AI supercomputer has been established in collaboration with EIFO and NVIDIA at Vilhelm Lauritzen Terminal in Kastrup, Denmark October 23, 2024 This is likely to become one of the largest tax dodges in the US, saving his family around $8 billion, according to the report. With Nvidia’s shares having soared over 800% since 2022, Huang and his wife Lori set up a financial vehicle known as an irrevocable trust and moved 584,000 Nvidia shares worth $7 million into it. Since foundations have to annually donate to charities at least 5% of their total assets, the Huangs gave 84% of the money to a donor-advised fund which they own that are not required to actually give any money to charitable organizations and can pass on the fund's control to heirs without estate taxes, saving the family another $800 million, according to the report.