From Fortune · Emma Burleigh · · 2m
Huang's net worth drops $10 billion as Nvidia stock slides
Jensen Huang resigned as Nvidia CEO after affairs with a company executive and alleged Chinese spy emerged, wiping nearly $10 billion from his fortune.
In brief
Jensen Huang resigned as Nvidia CEO after affairs with a company executive and alleged Chinese spy emerged, wiping nearly $10 billion from his fortune. Nvidia CEO Jensen Huang resigned after revelations of affairs with a company executive and alleged Chinese spy, losing $9.9 billion in wealth as stock fell. Originally…
Huang resigns after affair revelations
Jensen Huang resigned as Nvidia CEO this morning following reports of affairs with a company executive and an alleged Chinese spy. Nvidia CFO Colette Kress will serve as interim leader.
First affair costs Huang $6.5 billion
The day after Huang confirmed he had been unfaithful to his wife, his wealth dropped by six point five billion dollars.
Second affair with Nvidia executive emerges
New York Times reporting alleged Huang had a second affair with Nvidia's vice president of healthcare Kimberly Powell. The revelation sent Nvidia stock down more than seven percent in pre-market trading.
Huang's wealth drops $9.9 billion total
Huang's net worth now sits at one hundred forty five billion dollars, around nine point nine billion dollars lower than before Sunday's revelations.
Huang drops out of world's top ten richest
The losses sent Huang tumbling past Walmart heirs Jim Walton, Rob Walton and Alice Walton on the Bloomberg Billionaires Index. He is now the thirteen wealthiest person in the world.
Board launches independent investigation
Nvidia's board launched an independent investigation into reports that Huang had been the target of a foreign intelligence effort. The board said it has no reason to believe national security or Nvidia secrets were compromised.
“While the Board has no reason to believe that either national security or NVIDIA secrets were compromised, the Board's inquiry will examine all available information.”
Class-action lawsuit filed against Nvidia
Rosen Law firm filed a class-action lawsuit in federal court alleging that Nvidia and Huang failed to disclose information about his connections to the alleged Chinese spy accused of passing information to Beijing.
Further investigations could impact stock further
Ongoing investigations and lawsuits could continue to impact Nvidia's stock price and Huang's net worth. The company's new board chair Harvey Jones said the board takes seriously its duty as stewards of the company.
“Jensen's contributions to NVIDIA are profound. NVIDIA is one of the most consequential technology companies in the world.”
The one thing
Nvidia CEO Jensen Huang resigned after revelations of affairs with a company executive and alleged Chinese spy, losing $9.9 billion in wealth as stock fell.
