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Nvidia shares fell as much as 8% in after-hours trading after The Wall Street Journal reported that the board is preparing to remove co-founder and CEO Jensen Huang. Directors could meet as early as November 11 to decide his future, but no final decision has been announced.
Why it matters
The board has launched an investigation following reports that Huang had extramarital relationships with two women, including Alice Huang, an executive at Singapore-based data company Megaspeed, a major Nvidia customer.
In a November 8 letter to employees, Jensen Huang acknowledged being unfaithful to his wife and apologized for betraying their trust.
Market impact
The after-hours decline puts a sharp market reaction on the leadership uncertainty at Nvidia, a major supplier of chips used in artificial intelligence. The board's decision remains outstanding.
Frequently asked questions
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How did Nvidia shares react to the leadership report?
Nvidia shares fell as much as 8% in after-hours trading following the report.
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When could Nvidia directors decide Jensen Huang's future?
Directors could meet as early as November 11 to decide his future. No final decision has been announced.
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What prompted Nvidia's board investigation?
The board launched an investigation following reports that Jensen Huang had extramarital relationships with two women, including an executive at a major Nvidia customer.
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What is Megaspeed's connection to Nvidia?
Megaspeed is a Singapore-based data company and a major Nvidia customer. Alice Huang, one of the women named in the reports, is an executive there.
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What did Jensen Huang tell Nvidia employees?
In a November 8 letter, Huang acknowledged being unfaithful to his wife and apologized for betraying employees' trust.
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