Nvidia stock falls nearly 15 percent after Huang resigns

Jensen Huang, the co-founder of Nvidia, experienced a significant loss of $6.4 billion in his wealth, reducing his net worth to $144.7 billion. This marked a 4% decrease, placing him at 13th among the world's richest individuals, according to Forbes. Huang's downfall began after he admitted to being unfaithful to his wife, resulting in an $18 billion drop in his assets.

Nvidia, the world's second most valuable company, saw its market cap plummet by 13% over the past five days. On Thursday, Huang resigned as CEO and president of Nvidia, citing the scandal as the reason for his departure. The company's CFO, Colette Kress, was appointed as interim CEO, while former Synopsys CEO Harvey Jones became Nvidia's first board chairman.

U.S. President Trump suggested that Tim Cook, Apple's CEO, should replace Huang, comparing him to a legend. Market research firm Bernstein lowered its price target for Nvidia shares from $400 to $200, citing Huang's scandal as a factor that made it challenging for the board to retain him in the CEO position. Huang co-founded Nvidia in 1993 and played a crucial role in the company's transition from a gaming hardware manufacturer to a leading player in the artificial intelligence industry.

Analyst Stacy Rasgon from Bernstein stated that the difficulty in finding someone with a similar vision to guide Nvidia through its next phase highlights the impact of Huang's resignation on the company's future.