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.
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.
Source:norvanreports.com