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Jensen Huang, the billionaire co-founder of tech firm Nvidia, resigned as CEO after allegations of extramarital affairs including with an alleged Chinese spy rocked his company.
The 63-year-old’s departure comes in the wake of a scandal that has wiped an estimated $500 billion off the chipmaker’s market value, with share prices plunging 12 percent to start Thursday. However, they have rebounded some ad were down 5 percent by midday.
One of the world’s richest men, Huang co-founded Nvidia in 1993, which is now at the heart of the AI revolution. He is the company’s fourth-largest investor with a stake of about 3.61 percent, and will exit the Nvidia board with immediate effect, the company announced Thursday.
“Jensen’s contributions to Nvidia are profound. Nvidia is one of the most consequential technology companies in the world. The board and the company thank Jensen for his immeasurable contributions to the company and the industry,” Nvidia said in a statement.
U.S. President Donald Trump, who is close to Huang, suggested former Apple CEO Tim Cook should replace him.
“NOW THAT Nvidia CEO JENSEN HUANG, who has done a fantastic job, has resigned, there is only one man to take his place - TIM COOK of Apple,”…
