Nvidia CEO Jensen Huang Faces Wealth Plunge

Nvidia CEO Jensen Huang saw his wealth take a historic hit after a sharp decline in chip stocks and a report indicating the US Justice Department sent subpoenas to the company as part of an antitrust investigation.

According to the Bloomberg Billionaires Index, Huang’s net worth dropped by approximately $10 billion to $94.9 billion, marking his largest single-day dollar drop.

Impact of Nvidia Stock Decline:

The plunge followed a 9.5% fall in Nvidia’s stock, which Huang co-founded and continues to lead. Despite the decline, his wealth has grown by $51 billion year-to-date, making him the 18th richest person globally. Nvidia has not commented on the situation.

Antitrust Probe and Legal Troubles:

Nvidia is now under scrutiny as the US Justice Department investigates potential antitrust violations. Subpoenas have been sent to the company, and the inquiry has been escalated.

The department had previously issued questionnaires, but now legally binding requests for information have been made, indicating that a formal complaint could be filed against Nvidia in the future.

This legal pressure adds to Nvidia’s challenges as it navigates its position in the highly competitive chip industry.