Nvidia closed Friday in the $160s, down nearly 13% for the week. Its market cap fell below $4 trillion, marking its sixth straight week of losses. Jensen Huang resigned as CEO this week, with CFO Colette Kress stepping in on an interim basis. The company hasn’t said a word about why he resigned.
Things blew up internally first: 1,600 employees called on the board via the company intranet to hear from employees before taking action. A petition calling for Huang’s reinstatement has already gathered 42,000 signatures, and Musk says he’ll sign it too. While some are calling for him to come back, the board is carrying on with its search for a new CEO. Both tracks are moving forward at once—the drama is far from over.
Things blew up internally first: 1,600 employees called on the board via the company intranet to hear from employees before taking action. A petition calling for Huang’s reinstatement has already gathered 42,000 signatures, and Musk says he’ll sign it too. While some are calling for him to come back, the board is carrying on with its search for a new CEO. Both tracks are moving forward at once—the drama is far from over.