The key facts
- In the first half hour of trading, Jensen Huang's wealth fell by $7.4 billion — to $154.7 billion (Forbes data)
- Nvidia shares fell more than 5% at the market open
- Huang dropped from 8th to 10th place in Forbes' list of the world's richest people
A sharp drop in wealth at the market open
Nvidia CEO Jensen Huang lost about $7.4 billion in the first 30 minutes of trading: his fortune fell to $154.7 billion. These figures were reported by Forbes magazine, cited by Life.ru. The cause was a drop in Nvidia's share price — at the market open, the American chipmaker's stock fell by more than 5%.
What triggered the sell-off
Investors reacted to reports of an investigation into Huang's relationship with a woman whom US authorities suspect of working for Chinese intelligence. Earlier, as Life.ru reported, the Nvidia chief publicly admitted to infidelity: in a message to employees, he apologized to his wife and loved ones and took responsibility for his actions. The woman suspected of collaborating with Chinese intelligence is the same person at the center of the scandal.
Losses in the billionaires ranking
Amid the falling share price, Huang dropped two positions in the list of the world's richest people according to Forbes, falling from eighth to tenth place. Thus, the personal scandal and the related investigation have directly affected the company's market valuation: the drop of more than 5% in half an hour of trading cost Huang himself, whose wealth is largely tied to Nvidia stock, $7.4 billion. How the situation develops further will depend on the course of the investigation — its results are not reported in the publication.
