Billionaire tech CEO Jensen Huang sued after admitting to affair with alleged Chinese spy

In the latest update, Nvidia CEO Jensen Huang is now being sued by his shareholders after having an affair with a woman who has been accused of being an alleged Chinese spy. 

If you missed this whole viral saga, Jensen Huang is a Taiwanese and American businessman who’s the CEO of a massive tech company called Nvidia, which designs computer chips that power AI. It’s one of the biggest companies in the world, worth $4.31 trillion, and headquartered in California. He has a net worth of over $203 billion. 

Huang has admitted to having an affair with a woman called Alice Huang, who was the managing director of Singapore-based data company Megaspeed. The businesswoman has been accused of acting as a spy for China’s Ministry of State Security by US intelligence officials, as reported by The New York Times, but China has denied this, calling the allegations “entirely groundless, speculative and intended to smear and malign China”.

Nvidia’s Board said it has “no reason to believe that either national security or NVIDIA secrets were compromised”. However, the company has opened an inquiry to assess all the information, and Huang has agreed to fully support and cooperate with the review. Huang has been married to his wife Lori since 1985 after meeting at Oregon State University, and they have two children.

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Now, things have gone from bad to worse as Nvidia’s shareholders have sued Jensen Huang and the company in a class-action lawsuit after he admitted to the affair. The lawsuit was filed in a federal court in San Jose, California, and claims that Huang’s failure to disclose the affair caused Nvidia’s stock price to dramatically fall, which could affect “hundreds or thousands” of shareholders.

“As a result of [Nvidia and Huang’s] wrongful acts and omissions, and the precipitous decline in the market value of the Company’s securities, Plaintiff and other Class members have suffered significant losses and damages,” the lawsuit filed by the Rosen Law Firm says. The stock price fell $7.97 per share, which is 4.27 per cent.

Huang admitted to the affair in an email to Nvidia employees on Sunday, 8th November. He said: “I owe my family and all of you an apology. I was unfaithful to my wife. My actions hurt her and our children. There is no excuse for what I did. I am deeply sorry.

“Throughout my life, my family has given me love and support. They deserve my honesty and loyalty. Instead, I let them down and damaged the life we built together. I take full responsibility for what I did and the hurt I caused, and I accept the criticism that comes with it.

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“To my wife and family: I love you. I know an apology cannot undo what I have done. I hope our family will heal and that, over time, I can earn back your trust.”

In a statement, Nvidia’s board of directors said: “The NVIDIA Board is initiating an independent investigation in light of recent reporting that founder and CEO Jensen Huang has been the target of a foreign intelligence effort. A committee of independent directors, assisted by outside independent counsel, will oversee the investigation. The Board prioritizes U.S. national and economic security, which is paramount to the interests of NVIDIA and its shareholders.

“While the Board has no reason to believe that either national security or NVIDIA secrets were compromised, the Board’s inquiry will examine all available information. Jensen fully supports the review and has committed to cooperating with it. The Board has confidence in Jensen and his leadership team and will provide further updates as appropriate.”

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