Nvidia chief Jensen Huang reportedly struggled through his final hours at the helm of the tech giant after alleged romantic relationships triggered a major scandal and led to his resignation. According to Bloomberg, the billionaire began repeatedly saying, “I don’t care” and “I’m a piece of s***.”
Citing people familiar with the matter, the publication reported that Huang behaved very differently from his usual self on November 11, during his final hours at the company. His trademark confidence had reportedly given way to blunt remarks and an apparent indifference to what was unfolding around him.
The downfall of one of the most influential figures in the technology industry was swift. Until recently, Huang had repeatedly denied that his relationship with Alice Huang, an executive at Singapore-based company Megaspeed, was romantic, insisting that their connection was strictly professional. Alice Huang is not related to him.
However, following reports of an alleged affair with a woman suspected of having ties to Chinese intelligence, Nvidia's general counsel, Tim Teter, reportedly visited Huang at his home to demand an explanation in person. According to Bloomberg and The Information, the company chief admitted to the relationship during their conversation.
The board initially appeared reluctant to take action, but Teter reportedly insisted that Huang make a public statement.
The situation became more complicated after The New York Times reported another alleged relationship — with Kimberly Powell, Nvidia's vice president of healthcare. The board convened an emergency late-night meeting, after which the billionaire was reportedly forced to step down.
On Thursday, Reuters reported a third alleged relationship involving Huang and another Nvidia employee, whose identity has not been disclosed.
Amid the scandal, Huang reportedly hired one of the largest law firms in the United States, Paul Weiss, according to The Information. Sources told the publication that he had said his greatest concern was not his own fate but his wife, and that he did not want to “ruin the lives” of the women whose names had become entangled in the affair allegations.
Just months earlier, Nvidia had been riding high. In October, its shares reached a record high, while Huang's personal fortune surpassed $200 billion, according to Forbes. He maintained close ties with US President Donald Trump and enjoyed near-celebrity status in his ancestral homeland of Taiwan.
The first major warning signs emerged in late October, when The New York Times reported that Huang may have been targeted in a Chinese intelligence operation involving Alice Huang. Several days later, the Financial Times reported the existence of a confidential government memo prepared months earlier, which allegedly characterized their relationship as romantic.
On Sunday, Nvidia's board announced that it had launched an internal investigation. The company appointed law firm Wachtell, Lipton, Rosen & Katz to conduct the inquiry. The firm had previously been involved in an investigation into sexual harassment allegations against former New York Governor Andrew Cuomo.
That same day, Huang sent an email to all Nvidia employees in which he acknowledged the romantic relationship and apologized to shareholders and business partners. He also issued a separate apology to his family.
The entrepreneur has been married to his wife, Lori, for more than 40 years. Two of their children and their son-in-law also work at Nvidia.
According to Bloomberg, behind closed doors Huang had assured senior executives that his relationship with Alice was his only instance of infidelity. However, reports of two additional alleged affairs with Nvidia employees subsequently emerged in the media.
The allegations reportedly extended to details such as the compensation paid to junior employees.
Huang was also known for responding to emails almost instantly, regardless of the time of day. In recent days, however, his replies reportedly became noticeably slower, Bloomberg noted.
The company's highly centralized management structure raised concerns among investors, who feared that Nvidia might struggle to maintain its position without Huang at the helm. Amid the turmoil, the company's market value plunged by more than $450 billion.
Despite the scandal, the former CEO has had influential defenders. Donald Trump has repeatedly voiced his support for Huang.
Speaking to television host Stephen A. Smith on Thursday, the president said Huang should step down only if it were confirmed that Alice was indeed a Chinese spy. Trump also remarked that Huang was “going through hell” and was most concerned about his wife and family.
Meanwhile, Nvidia's former chief is preparing to testify before the US Congress. He has agreed to attend a closed-door joint meeting with the chairs of the House committees on China, Foreign Affairs and Intelligence. The meeting is expected to take place before Congress breaks for Thanksgiving next Friday.
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