The key facts
- Seven billionaires linked to Nvidia lost about a third of their fortunes; three are no longer billionaires
- The company's shares fell 11% since November 8 and 31% from their October peak
- Jensen Huang stepped down on November 12 after a scandal over suspicions of an affair with an alleged Chinese intelligence agent
Major losses amid the scandal
Seven billionaires linked to Nvidia have collectively lost about a third of their fortunes amid the scandal surrounding the extramarital affairs of the company's founder and CEO Jensen Huang, with three of them ceasing to be billionaires. This is reported by Forbes, whose data is cited by Gazeta.Ru and Kun.uz.
What happened to the capital
According to Forbes, Nvidia shares have fallen 11% since November 8 and 31% from their October peak. Huang's own fortune has shrunk to $145 billion, and he has dropped out of the top 10 richest people in the world. The combined capital of six other current and former executives and board members has decreased by $5.6 billion — to roughly $21 billion.
Who lost billionaire status
Billionaire status was lost by Nvidia's CFO Colette Kress, former executive vice president of global operations Jay Puri, as well as venture investor and board member Brooke Seawell.
Background of the scandal
Huang was suspected of romantic involvement with a woman whom US intelligence services consider an agent of Chinese intelligence. According to media reports, she was recruited for espionage and attempts to circumvent US restrictions on AI chip supplies to China. As Gazeta.Ru notes, Huang apologized to employees and his family, admitting to infidelity, but journalists soon reported another affair — with Nvidia vice president Kimberly Powell. On November 12, Huang stepped down from his post. Earlier, Elon Musk expressed willingness to hire him.
