Nvidia CEO Jensen Huang resigns amid scandal, wiping $573 billion from market value
Nvidia CEO Jensen Huang resigned Thursday amid a scandal involving multiple extramarital relationships, including one with a Chinese businesswoman investigated as a national security risk, prompting the board to name CFO Colette Kress as interim CEO. The resignation followed a board investigation and mounting Capitol Hill concerns, with Huang admitting to an affair on Sunday but facing additional reports that forced his exit. He is called to testify in a closed-door congressional hearing on December 1, while Commerce Secretary Howard Lutnick will testify before the Senate Banking Committee. Nvidia’s stock fell 12.75% this week, erasing roughly $573 billion in market value. As a major S&P 500 component, the decline impacts many investment and retirement accounts, marking a stunning fall for Huang, who cofounded the company in 1993.