Musk called hiring Huang “an honor” after Zerohedge urged him amid Nvidia news. Nvidia has not announced a leadership change, and Huang remains its CEO. Nvidia shares fell 6.84% premarket to
On the latest Nvidia news report, Elon Musk said hiring Nvidia CEO Jensen Huang would be “an honor” after Zerohedge urged him to make the move.
The reply came as reports described Nvidia’s search for a possible successor and board discussions about Huang’s future. However, the company has not announced a leadership change, with Huang remaining in his post.
Zerohedge’s post said, “Elon please hire Jensen.” Musk responded briefly, while another X user, Zac, recalled that Huang declined an offer to lead TSMC in 2013. Zac said Morris Chang offered Huang the role, and Huang replied, “I already have a job.”
Bloomberg reported that Nvidia is working with an outside firm to find a new CEO. The company is also reportedly weighing an interim appointment during the search.
Huang co-founded Nvidia in 1993 and has led the company since then. The company’s bylaws allow directors to remove him with or without cause through a majority vote.
The succession reports followed Huang’s reported acknowledgment of an extramarital relationship with Alice Huang on Nov. 8. U.S. intelligence officials reportedly believed she acted on behalf of Beijing. Nvidia said it had “no reason to believe” national security or company secrets were compromised.
Following that, Nvidia opened an investigation and appointed outside counsel led by former acting U.S. Attorney Joon Kim. The New York Times later reported an alleged second relationship involving an Nvidia executive.
The Wall Street Journal then reported that Nvidia’s board was preparing to oust Huang. The Journal said directors could meet Wednesday to determine Huang’s future.
The Times cited a video that reportedly showed Nvidia CEO Jensen Huang and the executive, identified in the supplied material as Powell, being affectionate. The footage was reportedly recorded at a San Jose hotel during Nvidia’s conference in March.
In addition to Nvidia news, CNBC reported that rumors about Huang and Powell had circulated for years. The account also says the report questioned Powell’s qualifications for her position. However, these remain claims attributed to media reports, with the Nvidia’s investigation ongoing.
Michael O’Rourke of Jonestrading said the allegations, if confirmed by the independent investigation, would put the board in a difficult position. He said directors would be expected to remove Huang if they confirmed a pattern.
In addition to the Nvidia news, Matt Maley of Miller Tabak said the latest disclosure could force the board’s hand. He said Huang might not remain in the role through the week.
However, following the ongoing discussion on Nvidia news, after Huang acknowledged the first relationship, he said he would work hard to rebuild lost trust. He did not mention stepping down. This comes as several members of Congress called for his resignation.
To add to the sentiment, Zac’s X post highlighted Huang’s reported connections with major Asian suppliers, including TSMC, SK Hynix, and Samsung. It questioned who might take over those relationships if Huang left. The post also raised concerns about potential effects on data center construction and GPU sales in Singapore and Malaysia.
Zac also suggested the board contact its top ten shareholders and conduct an anonymous employee survey. The post described shareholders as owners and employees as the people who built the company.
According to Yahoo Finance data, Nvidia shares gained 2.92% during regular trading, closing at $173.73, up $4.93. The Nvidia stock then fell in premarket trading. At 6:19 a.m. EST, the price stood at $161.85, down $11.88, or 6.84%.
NVDA Stock records declines following the ongoing Nvidia news Credit: Source: Yahoo Finance
The chart showed shares trading mostly between about $161 and $165 during premarket hours.
This article provides financial and market information, not investment or legal advice. Media allegations do not establish wrongdoing. Nvidia shares may fluctuate sharply during extended trading.
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