The value of former Nvidia CEO Jensen Huang’s stock holdings in the tech company have plunged more than $20 billion this week.
A September Securities and Exchange Commission filing showed Huang reporting beneficial ownership of approximately 811.5 million Nvidia shares, including about 70.1 million shares held directly and hundreds of millions more held through trusts and other entities.
Given Nvidia’s closing share price of $186.64 on Friday Nov. 6, and with the price trading around $161 during the market session Friday, the value of Huang’s holdings has declined by more than $20 billion this week.
The decline represents a reduction in the market value of the shares, rather than realized losses from stock sales. Huang’s resignation does not automatically affect his ownership of the shares.
NVIDIA CEO JENSEN HUANG RESIGNS AMID INVESTIGATION INTO RELATIONSHIP WITH ALLEGED CHINESE SPY
The company on Thursday announced that Huang had resigned from his roles as president, CEO and board member at Nvidia.
He stepped down from the company days after admitting to marital infidelity.
TRUMP SAYS ‘THERE IS ONLY ONE MAN’ TO REPLACE JENSEN HUANG AS NVIDIA CEO
In a Sunday email to employees that Nvidia shared publicly, Huang said he had been “unfaithful” to his wife.
“My actions hurt her and our children. There is no excuse for what I did. I am deeply sorry,” he said in a portion of the statement. “Regarding the national security concerns raised in news reports, NVIDIA’s Board of Directors has initiated an independent investigation.”
MEET NVIDIA’S NEW INTERIM CEO: THE FORTUNE AND RISE OF COLETTE KRESS
The company’s board said in a Sunday statement that it was “initiating an independent investigation in light of recent reporting that founder and CEO Jensen Huang has been the target of a foreign intelligence effort.”
New York Times reporting has suggested that Huang had a relationship with a Chinese woman suspected of being a spy. An article published last week stated, “A memo that circulated among top policymakers in the Trump administration last spring cited intelligence that a Chinese businesswoman who had a close relationship with Nvidia’s chief executive was a spy for China’s Ministry of State Security, according to people briefed on the intelligence.”
But Attorney General Todd Blanche indicated on Thursday that the Department of Justice had not arrived at a conclusion regarding whether the woman is a spy.
