Nvidia stock falls nearly 10% as CEO Jensen Huang announces resignation
Chief Financial Officer Colette Kress will serve as interim CEO until a new leader is appointed.
TL;DR
- Nvidia shares dropped nearly 10%, with market cap falling below $4 trillion.
- CEO Jensen Huang resigned effective immediately, with CFO Colette Kress named interim CEO.
- Huang's resignation follows reports of extramarital affairs, including one with an executive suspected of being a Chinese spy.
- Analysts expressed concern that Huang's departure could cause further stock decline.
- There are worries about Nvidia's lack of a succession plan and who will provide future visionary leadership.
- U.S. lawmakers had previously called for Huang's resignation.