Nvidia CEO lost nearly $7 billion in one stock session

Shares of US chipmaker Nvidia fell 6.4% in the August 29 session, causing CEO Jensen Huang’s fortune to lose $6.9 billion.

Nvidia’s stock plunge also caused CEO Jensen Huang’s fortune to drop by $6.9 billion in one session. Currently, CEO Jensen Huang owns $102.9 billion, making him the 14th richest person in the world (according to Forbes).

Nvidia shares fell after the company released its second-quarter financial report on August 28. Accordingly, Nvidia recorded a record revenue of more than $30 billion, up 122% compared to the same period last year.

Nvidia has become one of the world’s most valuable companies, as investors expect artificial intelligence to become a driving force in the economy in the coming years.

Billionaire Jensen Huang. (Photo: Reuters)

Nvidia now dominates the global AI chip market. Nvidia’s stock has surged 154% this year, pushing its market capitalization above $3 trillion at one point. Nvidia is now one of only three U.S. companies to reach that milestone.

Nvidia stock has soared 765% since the start of 2023, when the AI craze really started to pick up steam.

Nvidia shares helped CEO Jensen Huang join the $100 billion club on June 4. Five years ago, he owned a $3 billion stake. He also added more shares when the price hit rock bottom before the AI wave began.

Currently, CEO Jensen Huang holds 3% of the American chip company’s shares.

Lagerstroemia (Source: Forbes, Reuters, USAtoday)