63-year-old Jensen Huang, co-founder of Nvidia, is paying a heavy price for ‘love’. Shares of Nvidia fell more than 5% on Monday, November 9. Not only has Huang’s status among the world’s billionaires declined, but his wealth has also now dropped to $148 billion. Jensen Huang is now ranked 12th in the Bloomberg Billionaires Index. On Monday, a decrease of $ 6.47 billion was reported in his net worth.
Investors’ concerns have increased after the news of the company’s CEO and co-founder Jensen Huang’s alleged affair with a Chinese businesswoman came to light. Amidst this development, the company’s shares reached their lowest level in several months. This case has created a stir in the American technology sector and political circles. The concern is whether China got access to Nvidia’s cutting-edge AI chips and the sensitive information related to them.
Company shares fell by more than 22%
Nvidia’s shares fell to $172.37 on Monday. The company’s shares have fallen by more than 22% in the last one month. During this period, the value per share has decreased by about $ 56.91. On October 9, the company’s shares were at $229.28.
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FBI is investigating; Trump said- nothing to worry about
According to news agency AP, US President Donald Trump said on Monday that the FBI is investigating the case related to Nvidia CEO Jensen Huang. However, Trump expressed confidence that Huang need not worry. He said Huang was not aware that the woman allegedly linked to him was a Chinese spy.
Nvidia is among the most valuable companies in the world. Its chips are used by the world’s leading AI companies to develop their systems. In such a situation, the impact of this entire matter may not be limited only to the company, but may also affect the technical and trade relations between America and China.
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Nvidia board formed independent committee to investigate
Nvidia’s board has formed a committee of independent lawyers to investigate the matter. The company says that initial investigation has not found any indication of security or data leakage. However, investigation is going on to know the truth of the entire matter. The company has clarified that Jensen Huang is fully cooperating in the investigation and will remain in the post of CEO.
Huang apologized to the employees
Jensen Huang acknowledged his mistake and apologized in a letter sent to employees. He confessed to infidelity with his wife and apologized to his family and employees.
Huang wrote in the letter that managing Nvidia is one of the biggest responsibilities of his life. It was his responsibility to live up to the trust of his employees and family, but he made a mistake.
Source: www.livehindustan.com
