Nvidia's chief executive, Jensen Huang, has resigned, triggering a sharp decline in the company's stock. The announcement came as allegations of misconduct against Huang continued to surface. Huang, who co-founded Nvidia in 1993, stepped down as president, chief executive, and board member with immediate effect. His resignation follows a series of controversies, including allegations of extramarital affairs and potential conflicts of interest.
The stock market reacted swiftly to the news, with Nvidia's shares dropping 4.3% in a single day. The company's market value has fallen by more than $500 billion since the allegations first emerged. Huang is also forfeiting approximately $108 million from his personal fortune as part of his resignation. The exact details of his financial losses remain under review.
Huang's departure has left Nvidia without a leader for the first time in its 33-year history. The company has announced that interim chief Colette Kress will lead operations until a permanent successor is appointed. Potential candidates include internal executives, members of Huang's family, and leaders from rival chipmakers. The search for a new CEO is expected to take several months.
Huang's resignation comes amid growing scrutiny of his leadership. Multiple reports have detailed allegations of personal misconduct, including an "intimate relationship" with another Nvidia employee. These claims have raised questions about the ethical standards within the company. As the search for a new leader continues, investors remain cautious about the long-term impact of Huang's departure.
