Nvidia CEO Jensen Huang decided last week to sell over $31 million worth of the company's stock in a move to entice investors.

Investing.com reported that the shares were sold at prices ranging between $127.6962 and $136. 

The sales were conducted under a Rule 10b5-1 trading plan adopted by Huang in March, which allowed company insiders to set up a predetermined schedule for selling stocks at a time when they were not in possession of material non-public information, which, in turn, would provide a defense against potential accusations of insider trading. 

Trading View reported that the volume of shares Huang sold were numbered at 240,000. 

READ NEXT: Nvidia Receives Rare Low Rating From Wall Street Following 'Slow Growth' Prediction

Nvidia Affected by Chip Industry Downslide

It is understood that the sales were made in multiple transactions over the span of two days. 

Despite this large sale, Huang continued to maintain a significant ownership stake in Nvidia through both direct and indirect holdings. 

Despite this, Seeking Alpha reported that Nvidia closed 6.6% lower Wednesday (July 17) as part of a collective downturn across the semiconductor sector due to the United States threatening to impose more export controls on the industry. 

It could also be understood that former US President Donald Trump questioned whether his country should pay for Taiwan's defense. 

READ MORE: Nvidia Stock Recovers by 2.2% Following Three-Day Decline Due to Fluctuating AI Interest