Nvidia Sheds $335 Billion in Market Value Amid Massive Wall Street Slump
Wall Street experienced a sharp downturn for American chipmaking giant Nvidia right at the opening of trading, following allegations that Chief Executive Officer (CEO) Jensen Huang was involved in an affair with a Chinese intelligence spy, which triggered an independent investigation and caused the stock to plummet.
As the trading bell rang at the start of the week on the New York Stock Exchange, Nvidia’s shares dropped by approximately 7.5%. Plummeting in a single blow, the share price fell from $186.64 at the close of Friday night to $172.75. Nvidia’s board has formed an independent investigation committee to determine whether a foreign intelligence agency targeted Jensen Huang.
In the wake of the news and the probe’s launch, nearly $335 billion was wiped from the tech giant’s market value in just a few hours. As a result, the company’s market capitalization dropped from $4.5 trillion on Friday night to approximately $4.16 trillion.
