Nvidia CEO suffers massive ₹69.5 billion wealth loss in a day amid Chinese spy allegations
Nvidia CEO faces a major financial setback as his wealth drops by ₹69.5 billion, while shareholders file a lawsuit over alleged links to a Chinese spy.
San Jose (The Uttam Hindu): Nvidia CEO and co-founder Jensen Huang has suffered a massive decline in his personal wealth, losing $7.4 billion (around ₹69,500 crore) in a single trading session on November 9. Following a sharp fall in Nvidia shares, his net worth dropped to $154.7 billion, pushing him from eighth to tenth position on the world's richest billionaires list.
According to Forbes' Real-Time Billionaires Report, Huang lost billions within the first 30 minutes of trading. His wealth had also declined by $15.1 billion on November 6 amid a broader technology stock market crash. Meanwhile, reports surrounding his alleged personal relationship with a business executive suspected of having links to Chinese intelligence have added to the controversy. Huang has reportedly apologised to his family, while Nvidia has initiated an independent investigation. The company has said that no preliminary evidence of confidential data leaks has been found.
The controversy has also triggered legal action against Nvidia and its CEO. Shareholders have filed a proposed class-action lawsuit in a federal court in San Jose, California, alleging that the company concealed important information about suspected Chinese intelligence connections and misled investors. The allegations have raised concerns about Nvidia's reputation, investor confidence and potential national security implications.