Billionaire CEO David Velez Sells $191 Million Stake in Nubank

David Velez, the billionaire CEO and chairman of Nu Holdings Ltd. – Nubank, sold nearly 3% of his stake in the Sao-Paulo-based digital bank, netting proceeds of about $191 million. Velez reported that he sold 25 million shares, which is equivalent to 3% of his stake in the Sao Paulo-based company.

The proceeds will largely go toward funding the philanthropic foundation that he founded last year with his wife Mariel Reyes under the banner VelezReyes+. David Velez has a net worth of $7.2 billion. He remains Nubank’s largest individual shareholder and retains nearly 75% of the voting power of the firm.

“I didn’t want to do this until at Nubank we could remove a lot of important doubts like: Can you ever make money? Can you keep growing? And the last three quarters have been phenomenal,” said David Velez, who is chief executive officer and chairman. “So now I’m taking 3% of the chips off the table to start increasing in investing in the other side of the big mission that is driving us today.”

David Velez is the Founder and CEO of Nubank, the largest independent digital bank in the world. Before founding Nubank in Brazil in 2013, David was a Partner at Sequoia Capital in charge of the firm’s Latin American investments. Before Sequoia, David worked in investment banking and growth equity at Goldman Sachs, Morgan Stanley, and General Atlantic. David has a BS in Management Science and Engineering from Stanford University and an MBA from the Stanford Graduate School of Business.

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