After chip prices crashed and it was revealed that the US Justice Department had delivered subpoenas to the tech company as part of an antitrust investigation, Nvidia CEO Jensen Huang's fortune fell to an all-time low. According to the Bloomberg Billionaires Index, Jensen Huang's net worth fell by almost $10 billion to $94.9 billion, the largest dollar decline for him in a single day.
The decline came after a 9.5% decline in the co-founded Nvidia stock. An Nvidia representative declined to comment. Even after the significant decline, Jensen Huang, the 18th richest person in the world, has seen his wealth increase by $51 billion year so far, according to the index.
Due to the popularity of its products and the difficulties competitors faced in releasing substitute chips, Nvidia became an essential component of the supply chain for some of the largest corporations in the world. The DOJ is now delivering legally enforceable demands that compel receivers to divulge information. The government can now move one step closer to filing an official complaint.
According to the sources, antitrust authorities are worried that Nvidia is penalizing customers who don't use its artificial intelligence processors solely and making it more difficult for customers to switch to other suppliers.
According to the index, Huang is currently the 18th richest person in the world, and despite Tuesday's significant decline, his wealth has increased by $51 billion year to far.
