Nvidia CEO Jensen Huang's net worth plummeted significantly on Tuesday, causing him to fall out of the exclusive $100 billion club.
According to the Bloomberg Billionaires Index, Huang's net worth decreased by a staggering $9.9 billion on Tuesday, dropping from approximately $105 billion to $94.9 billion. This decline removed him from the world's elite centibillionaires, a select group that includes prominent figures like Elon Musk, Jeff Bezos, and Warren Buffett.
Dramatic Stock Plunge Triggers Net Worth Decline
At the time of this writing, the Bloomberg Billionaires Index indicated that Huang's net worth had further decreased to $93.4 billion. This additional wealth decline caused him to slip from the 14th position on the rich list to the 18th.
Huang is now behind Indian industrialist Gautam Adani (with a net worth of $102 billion) and the three surviving children of Walmart founder Sam Walton: Jim ($99.9 billion), Rob ($97.6 billion), and Alice ($96.9 billion).
The significant 9.5 percent decline in Nvidia's stock price on Tuesday directly contributed to a drop in the chipmaker's chief's net worth, reaching an eight-digit figure. This sell-off resulted in a staggering $279 billion decrease in Nvidia's market value, which is remarkably close to Netflix's entire value ($290 billion).
Notably, this marked the largest one-day decline ever recorded for a US company in history. Nvidia's shares experienced a significant decline, mirroring a broader downturn in the chip stock market. This decline was further exacerbated by Bloomberg's report that the semiconductor giant had received subpoenas from the Department of Justice as part of an ongoing antitrust investigation.
Nvidia has established itself as the leading provider of microchips to the booming artificial intelligence industry, attracting a clientele that includes prominent tech companies like Elon Musk's Tesla and Mark Zuckerberg's Meta.
Despite the significant setback on Tuesday, Huang's net worth has still increased by approximately $51 billion this year. This growth has been driven by a remarkable 118 percent surge in Nvidia's stock price since the beginning of the year, which has propelled the company's market value to a substantial $2.65 trillion. Regarding market capitalisation, only Apple ($3.4 trillion) and Microsoft ($3 trillion) surpass Nvidia.
While Huang co-founded Nvidia over three decades ago in 1993, the company's valuation has experienced a meteoric rise, particularly since the late 2022 release of ChatGPT ignited the AI frenzy. Nvidia's split-adjusted stock price has surged by more than 600 percent during this period, climbing from below $15 to $108 at the close of trading on Tuesday.
Huang's Contributions Recognised With Emmy
It is noteworthy that Huang, a renowned figure in the field of artificial intelligence, is set to receive the prestigious Charles F. Jenkins Lifetime Achievement Award at the upcoming 76th Engineering, Science & Technology Emmy Awards, The Television Academy announced.
Huang's groundbreaking contributions, particularly in accelerated computing and generative AI space, have significantly transformed the technological landscape, earning him well-deserved recognition for his leadership and innovative approach. The prestigious Charles F. Jenkins Lifetime Achievement Award will be bestowed upon him on October 23 at the Television Academy's Saban Media Center.
Other notable honorees include Adobe, which will receive the Philo T. Farnsworth Corporate Achievement Award and an Engineering Emmy for its groundbreaking 3D texture painting tool, Substance Painter. Several industry innovators, such as Tom Ohanian, Ken Goekjian, Joel Swan, and Victor Young, will also be honoured for their significant contributions to the advancement of television production technology.
