₹47,10,05,00,00,000 wiped out: How Jensen Huang’s ‘multiple affairs’ outside wedlock plunged Nvidia into crisis
Nvidia shares reportedly lost about $490-500 bn (Roughly 47 lakh cr) in market value over last few days, courtesy - co-founder Huang's alleged ‘affairs’.
The rapid series of personal revelations surrounding Nvidia co-founder Jensen Huang, including allegations of multiple extramarital affairs and suspicions of Chinese espionage, led to a historic selloff in the company's shares, wiping out approximately $490 billion to $500 billion (₹4,710,050 crores) in market capitalization. The crisis originated over the weekend when Huang admitted to being unfaithful to his wife and confirmed an affair with Alice Huang, a former Megaspeed executive who is also suspected of being a Chinese spy.
US intelligence officials raised concerns over Alice Huang's potential recruitment by China's Ministry of State Security to gather intelligence and bypass export restrictions on US chips. This prompted Nvidia's board to launch an independent investigation into the potential compromise of national security or proprietary secrets.
As a result of the revelations, Nvidia's shares plummeted 9.6 percent over two days, erasing more than $430 billion in market value, and on Thursday, Huang resigned amid the mounting controversy. The company announced that he would be succeeded by COO Colette Kress, with Harvey Jones named as the first independent chairman of the board.
Following the market turmoil, Huang's net worth fell to around $144.7 billion, placing him at the 13th position on Forbes' billionaire list, marking his biggest daily net worth loss.
Written by urgent.news from Hindustan Times - World News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
