Directors were meeting Wednesday night amid reports they are preparing to replace the chip giant's co-founder after his admitted affair with a woman U.S. officials suspect of working for Chinese intelligence.
By VICTORIA CHENMarkets & Investing · Nov 11, 10:00 PM
NEW YORK — The most valuable chip company on earth spent Wednesday night deciding whether the man who built it should keep his job.
Nvidia's board of directors was meeting Wednesday evening to discuss the future of co-founder and chief executive Jensen Huang, two sources told CNN, in a report carried by CTV News. The Wall Street Journal reported that the board is preparing to remove Huang as CEO, according to the Daily Caller and a Stocktwits report published by Yahoo Finance. Bloomberg reported that Nvidia is working with an outside firm to identify candidates for the top job.
Investors did not wait for a verdict. Nvidia shares fell more than 8 percent in after-hours trading Wednesday, Al Jazeera reported, a heavy blow to a company valued at about $4.2 trillion. CNBC put the after-hours slide above 9 percent, according to the Daily Caller. CBS News noted that Nvidia's stock makes up a major portion of many Americans' retirement savings.
As of Wednesday night, none of the reports we reviewed said the board had reached a decision.
The crisis began with a confession. Huang admitted to an extramarital affair in a letter to employees on Sunday, the Journal reported, according to the Daily Caller. In that letter, he said he had been unfaithful to his wife and that his actions had hurt his family, Yahoo Finance reported.
What turned a personal failing into a national story was the woman…
