Report: NVIDIA's Board of Directors Prepares to Remove Jensen Huang; Stock Price Falls After Hours
Ai Focus
The Wall Street Journal reported on Wednesday that NVIDIA's board of directors is preparing to remove co-founder and CEO Jensen Huang from his position. Following the news, the company's stock fell 8.61% to $158.78 in after-hours trading. The report stated that the board could meet as early as Wednesday to decide on his fate; just a few minutes prior, The New York Times reported that Jensen Huang had an extramarital affair with Kimberly Powell, the vice president of NVIDIA's healthcare business. NVIDIA and Powell did not respond to requests for comment. The report also mentioned that Jensen Huang had admitted a few days ago to having an extramarital affair with former Megaspeed executive Alice Huang, who is alleged by U.S. intelligence agencies to be spying for China. The law firm Wachtell Lipton hired by the board has launched an investigation. NVIDIA will release its financial report on November 17th.
The Wall Street Journal reported on Wednesday that NVIDIA's board of directors is preparing to remove Jensen Huang, the co-founder and CEO, from his position. Affected by this news, NVIDIA's stock price fell 8.61% in after-hours trading to $158.78. During regular trading hours on Wednesday, the stock price rose 2.87% to $173.73.
According to The Wall Street Journal, the board of directors may meet as early as Wednesday to decide on Jensen Huang's future.
Just a few minutes before this report was published, The New York Times claimed that Jensen Huang had an extramarital affair with Kimberly Powell, the vice president of NVIDIA's healthcare business. Powell joined NVIDIA in 2008 and has been in charge of that business unit since 2017. It was reported that the two were seen together at a hotel in San Jose in March.
NVIDIA and Powell have both not responded to requests for comments.
A few days prior, Jensen Huang admitted to having an extramarital affair with former Megaspeed executive Alice Huang; it is reported that U.S. intelligence agencies suspect Alice Huang of engaging in espionage activities for China.
The report also stated that the law firm Wachtell Lipton hired by the board of directors has already commenced an investigation.
NVIDIA will release its financial report on November 17th.
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