Nvidia CEO Jensen Huang Drops Out of $100 Billion Club After Declining Wealth

The drop in wealth dropped Huang from 14th on the rich list to 18th, behind Indian industrialist Gautam Adani (worth $102 billion) and Walmart founder Sam Walton’s three surviving children: Jim (worth $99.5 billion), Rob (worth $97.2 billion) and Alice (worth $96.6 billion).

The chipmaker’s boss fell to an 11-figure net worth as Nvidia shares fell 9.5% on Tuesday, slashing the group’s market value by $279bn – the biggest one-day drop for a US company from history.

Shares fell another 1.7 percent on Wednesday for a two-day loss of 11 percent that wiped out a market cap of $323 billion — more than the entire market value of Bank of America ($314 billion dollars) or Coca-Cola (313 billion dollars).

Nvidia fell on Tuesday amid a wider slump in chip stocks and after Bloomberg reported that the semiconductor titan had received subpoenas from the Justice Department in an antitrust probe.

Huang’s company has become the preeminent supplier of microchips for the artificial intelligence boom, counting Elon Musk’s Tesla and Mark Zuckerberg’s Meta among its clients.

Even after this week’s hit, Huang still added about $49 billion to his net worth this year. This has been fueled by a 114% rise in Nvidia shares since the start of this year, which has boosted the company’s market value to $2.61 trillion. Only Apple ($3.4 trillion) and Microsoft ($3 trillion) are worth more.

Huang co-founded Nvidia more than 30 years ago in 1993, but the company’s value took off only in late 2022, when the launch of ChatGPT sparked the AI ​​craze.

Nvidia’s split-adjusted share price has skyrocketed more than 600% since then, from under $15 to $106 at Wednesday’s close.