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Nvidia shares extend losses to 10% following CEO’s resignation

The stock closed the previous regular trading session at $173.73 per share

MOSCOW, November 12. /TASS/. Shares of US technology giant Nvidia fell by more than 10% in Nasdaq premarket trading, according to trading data. The decline followed the company’s announcement that its board of directors had announced Jensen Huang’s resignation as president, CEO, and a member of the board.

As of 4:55 p.m. Moscow time, Nvidia shares were down 10.21% in premarket trading at $156 per share. The stock closed the previous regular trading session at $173.73 per share, up 2.87%.

Nvidia added that Executive Vice President and Chief Financial Officer Colette Kress had been appointed interim CEO and would retain her existing positions until a permanent chief executive is appointed. The board has already begun searching for Huang’s successor, considering both internal and external candidates.

On November 8, Nvidia’s board of directors announced an investigation into Huang. In an email, the company’s chief executive admitted to having a romantic relationship with a woman suspected of spying for China and stressed that he took full responsibility for his actions. China’s Foreign Ministry said it considered allegations that the woman linked to Huang had worked for Chinese intelligence to be slanderous.

According to The New York Times, Huang also had an affair with Kimberly Powell, Nvidia’s vice president responsible for the company’s healthcare products.