Nvidia shares fell sharply after CEO and Chairman Jensen Huang resigned amid reports of alleged personal scandals. (Foto: Instagram)
Nvidia shares fell more than 13% to $149.57 on the Nasdaq after Jensen Huang resigned as the company’s chairman and CEO. The 63-year-old executive’s departure followed reports of personal scandals, including an alleged affair with Alice Huang, who is under investigation on suspicion of passing information to the Chinese government.
At about 11:38 a.m. Brasília time on Nov. 12, Nvidia shares had recovered some ground but were still down about 8%, at $159.24. The stock had fallen 11.56% in premarket trading before the market opened. Its decline for the month stood at 24.23%.
Colette Kress, Nvidia’s executive vice president and chief financial officer, is taking over as interim CEO while retaining those roles. Alice Huang, a former executive at Singapore-based Megaspeed, is not related to Jensen Huang, despite sharing his surname. The investigation into her alleged ties to Beijing began on Sunday, Nov. 8.
A New York Times report added to the pressure on Huang, alleging he had another extramarital relationship, this time with Kimberly Powell, president of Nvidia’s health care division. The newspaper reported that the two were seen in an intimate situation at a hotel in San Jose, California, during a company conference in March.
