Nvidia stock falls after company opens probe into CEO
Summary
Nvidia shares fell more than 4% Monday after the company said its board opened an independent investigation into CEO Jensen Huang following reports that he was targeted by a Chinese intelligence effort. China denied the allegations, and Huang said he would cooperate with the review; in an internal message, he also apologized for being unfaithful to his wife.Key Facts
- Nvidia shares fell more than 4% to $178.83 in Monday morning trading.
- Nvidia said its board began an independent investigation after reports that Huang had been targeted by a foreign intelligence effort.
- A committee of independent directors will oversee the investigation with help from outside counsel.
- Huang said he supports the review and will cooperate.
- The New York Times reported that U.S. intelligence officials believed Alice Huang, an executive at Singapore-based Megaspeed, had funneled information to Beijing.
- The Chinese government denied the allegations and called them baseless.
- Nvidia said its market value exceeded $4 trillion on Monday, making it the world's second-largest company.
- In a message to employees, Huang apologized for being unfaithful to his wife and said he was committed to Nvidia and U.S. national security.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.
