Nvidia stock falls nearly 15 percent after Huang resigns
- On Thursday, Nvidia CEO Jensen Huang resigned following reports of extramarital affairs, triggering a sharp market decline. Shares fell 14.4 percent to $148.80 after the opening bell, while Huang's stock holdings plunged more than $20 billion this week.
- The New York Times reported that Huang engaged in affairs, including a relationship with a woman suspected of being a spy for China's Ministry of State Security. Intelligence officials cited a memo linking the woman to Chinese intelligence efforts.
- A September Securities and Exchange Commission filing showed Huang reporting beneficial ownership of approximately 811.5 million shares, including about 70.1 million shares held directly. The Nvidia Board initiated an independent investigation into national security concerns.
- Chief Financial Officer Colette Kress was named interim CEO, stating she is "committed to building on the extraordinary foundation Jensen created." Sen. Elizabeth Warren said board members "still owe Congress answers about the company's compliance" with U.S. export controls.
- Attorney General Todd Blanche indicated the Department of Justice has not reached a conclusion on the spy allegations. President Donald Trump previously claimed "there is only one man" to replace Huang at the October 8 American Innovation Summit.
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12 Articles
After losing $1.6 trillion of its market value, following Jensen Hwang's resignation and the temporary appointment of Colette Chris, Invidia is heading for the longest series of losses per week since 2012, amid anticipation of the company's results and pressure on artificial intelligence shares.
Nvidia stock falls nearly 15 percent after Huang resigns
Nvidia stock took a sharp dive on Thursday, after longtime CEO Jensen Huang resigned amid reports he engaged in two extramarital affairs. The chipmaker’s stock fell to $148.80 per share after the opening bell, down 14.4 percent from closing on Wednesday. Nvidia stock later rebounded slightly, topping $162 per share, but it was down about...
Nvidia's contribution fell 2.49%, to $162.39, prolonging the fall of more than 4% recorded in the previous session.
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