Nvidia Corp. Chief Executive Officer Jensen Huang’s wealth tumbled the most ever after a rout in chip stocks and a report that the US Justice Department sent the tech firm subpoenas as part of an escalating antitrust probe.
Huang’s net worth slumped about $10 billion to $94.9 billion on Tuesday, the biggest single-day dollar drop for him since the Bloomberg Billionaires Index began tracking his wealth in 2016.
The plunge followed a 9.5% drop in the shares of the chipmaker he co-founded. A spokesperson for Nvidia declined to comment.
The success of Nvidia’s products — along with struggles by rivals to field alternative chips — made the firm a crucial part of the supply chain for some of the biggest companies in the world.
Huang is the world’s 18th richest person and his wealth has grown by $51 billion year-to-date, even after the sharp drop on Tuesday, according to the index.