Suryaa Now Business Desk
NEW YORK: Nvidia CEO Jensen Huang's estimated wealth dropped by $7.4 billion during the first 30 minutes of trading on November 9, following a sharp fall in the company's share price amid reports of an investigation into his alleged links with a suspected Chinese intelligence operative.
According to Forbes' real-time billionaire rankings, Huang's net worth declined from approximately $162.2 billion to $154.7 billion. The fall pushed him down two positions, from eighth to tenth among the world's richest people.
Nvidia shares came under pressure after the company announced an independent investigation into reports that Huang may have been targeted by a foreign intelligence operation. The stock fell by as much as 7 per cent before recovering some losses during the trading session.
The controversy centres on Alice Huang, a Chinese citizen and business executive reportedly associated with Singapore-based cloud computing company Megaspeed International.
Reports citing US intelligence assessments allege that she was gathering information for Beijing and that she had a close relationship with Jensen Huang. These allegations have not been independently established.
China's Foreign Ministry has rejected the claims, describing the reported spy allegations as unsubstantiated. Nvidia has also said it has no reason to believe that national security or its confidential company information has been compromised.
On November 8, Huang acknowledged in a message to Nvidia employees that he had been unfaithful to his wife, Lori Huang. He apologised to his family and colleagues and said he would cooperate with the company's investigation.
Nvidia's board has appointed a committee of independent directors, supported by external legal counsel, to examine the available information. Huang continues to serve as the company's chief executive.
The controversy has raised questions about corporate governance, executive security and the protection of sensitive technology information. Nvidia is a major supplier of advanced artificial intelligence chips, making its business relationships and technology security strategically important.
The company's market value also declined sharply during Monday's trading session. Investors will be watching the outcome of the independent investigation and its possible implications for Nvidia's operations and international business relationships.
For now, the allegations remain under investigation, and the company has said it has no evidence that its confidential information or national security interests were compromised.
By: Suryaa Web Desk