Nvidia CEO Jensen Huang’s wealth plunged the most ever after a rout in chip stocks and a report that the US Justice Department sent the tech firm subpoenas as part of an antitrust probe. Jensen Huang’s net worth slumped about $10 billion to $94.9 billion, the biggest single-day dollar drop for him as per Bloomberg Billionaires Index.
Jensen Huang, CEO of Nvidia, co-founded the company in 1993. (AP)
{{^htLoading}} {{/htLoading}}
The plunge followed a 9.5% drop in the shares of Nvidia which he co-founded. A spokesperson for Nvidia declined to comment. Jensen Huang is the world’s 18th richest person and his wealth has grown by $51 billion year-to-date, even after the sharp drop, as per the index.
Nvidia is also in trouble as the US Justice Department sent subpoenas to the company as it seeks evidence that the chipmaker violated antitrust laws. The DOJ had previously delivered questionnaires to companies and is now sending legally binding requests that oblige recipients to provide information, people in the know told Bloomberg. Following this, the US government is likely to launch a formal complaint against Nvidia as well, the report claimed.
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.
Stay updated with the latest Business News, stock market updates, petrol and diesel prices, gold and silver rates, income tax updates and major developments from India and across the world.
Stay updated with the latest Business News, stock market updates, petrol and diesel prices, gold and silver rates, income tax updates and major developments from India and across the world.
Home/Business/Nvidia’s Jensen Huang loses $10 billion in his biggest wealth wipeout
{{^htLoading}}
Advertisement
{{/htLoading}}
SHARE THIS ARTICLE ON
{{#usCountry}}{{/usCountry}}
Hindustantimes wants to start sending you push notifications. Click allow to subscribe
