Nvidia’s stock drops as board reportedly preps to oust CEO Jensen Huang
As soon as Wednesday evening, Nvidia's board could decide to remove its founder and CEO of 33 years.
Nvidia's co-founder and CEO, Jensen Huang, is facing potential removal from his position, according to reports from the Wall Street Journal. The company's board is set to convene on Wednesday to deliberate on Huang's future with the organization. On Sunday, Huang disclosed that he had engaged in an extramarital affair with a woman believed by U.S. intelligence to be a Chinese spy.
The following day, the New York Times revealed that he had also been involved in an affair with an executive who works under him. Despite Nvidia's position as one of the world's most valuable companies, owing to its role in the AI revolution by designing chips, Huang's scandal has led to a significant 8% drop in the company's stock price in after-hours trading on Wednesday.
The stock has plummeted by approximately 11% over the past five days. Huang is known for his minimal delegation of authority and manages around 60 direct reports. Moreover, Nvidia has not established a clear successor or succession plan.
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