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Nvidia’s value tumbles by $430bn since spy allegations, as major US law firm hired to investigate claims – business live
Source: Business | The Guardian · Published
Rolling coverage of the latest economic and financial news The drop in Nvidia’s share price this week may embolden the shareholders who are suing the company. A lawsuit was filed in California this week, alleging that Nvidia and chief executive Jensen Huang mislead shareholders b
Rolling coverage of the latest economic and financial news The drop in Nvidia’s share price this week may embolden the shareholders who are suing the company. A lawsuit was filed in California this week, alleging that Nvidia and chief executive Jensen Huang mislead shareholders by not disclosing that the matter raised national security concerns. Nvidia’s 5.47% decline to $168.89, extending its losses for a second consecutive session, has transformed an executive controversy into a test of institutional confidence.
Approximately $430 billion in market value has reportedly disappeared across the two sessions as investors confront allegations involving CEO Jensen Huang’s personal relationship with a businesswoman suspected of connections to Chinese intelligence. Independent directors have retained Wachtell Lipton, including former prosecutor Joon Kim, to investigate whether the relationship involved foreign intelligence activity or compromised company information. The allegations remain under investigation, and Nvidia says it has no reason to believe secrets or national security were compromised.
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