Nvidia Loses $192 Billion in Market Value After Scandal
Investigation into alleged Chinese espionage involving CEO Jensen Huang sends tech giant's shares tumbling
Nvidia saw its market value drop by $192 billion last Monday. The company's shares closed the trading session down 4.27% at $178.67.
The decline followed the company's announcement of an independent committee to investigate an alleged Chinese espionage case. CEO Jensen Huang was reportedly the target of a plot involving the leakage of confidential information and the diversion of artificial intelligence chips to China.
The investigation examines an extramarital affair between Huang and Alice Huang, a former executive at Megaspeed. Reports suggest the businesswoman was hired by Beijing to obtain strategic data from the American manufacturer.
The executive admitted to the infidelity in a note sent to employees and declared his full support for the investigation process. Nvidia stated that the board has no evidence that corporate secrets or United States national security have been compromised.
Jensen Huang's personal net worth fell by $6.8 billion during this period. The executive currently holds the tenth position on the Forbes billionaire list, with a fortune valued at $155.4 billion.
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