Nvidia's Jensen Huang just crashed out of the $100 billion club after his net worth plunged by almost $10 billion
- Nvidia's Jensen Huang fell out of the $100 billion club on Tuesday.
- The chipmaker's stock plunge slashed Huang's net worth by about $10 billion to below $95 billion.
Nvidia CEO Jensen Huang has crashed out of the $100 billion club after his net worth suffered its biggest single-day blow on Tuesday.
Huang's fortune shrunk by $9.9 billion, from nearly $105 billion to $94.9 billion, per the Bloomberg Billionaires Index. As a result, he's no longer one of the world's dozen or so centibillionaires — a select group that includes Elon Musk, Jeff Bezos, and Warren Buffett.
The wealth decline dropped Huang from 14th on the rich list to 18th, behind Indian industrialist Gautam Adani (worth $102 billion) and Walmart founder Sam Walton's three surviving children: Jim (worth $99.9 billion), Rob (worth $97.6 billion), and Alice (worth $96.9 billion).
The chipmaker's chief sunk to an eight-digit net worth because Nvidia stock tumbled 9.5% on Tuesday. The sell-off slashed Nvidia's market value by $279 billion — close to the entire value of Netflix ($290 billion), and the biggest one-day decline for a US company in history.
Nvidia shares tumbled amid a wider rout in chip stocks, and after Bloomberg reported the semiconductor titan had received subpoenas from the Department of Justice as part of an antitrust probe.
Nvidia has become the preeminent supplier of microchips to the artificial-intelligence boom, counting Elon Musk's Tesla and Mark Zuckerberg's Meta among its customers.
Even after Tuesday's hit, Huang has still added about $51 billion to his net worth this year. That's been fueled by a 118% rise in Nvidia stock since the start of this year, which has boosted the company's market value to $2.65 trillion. Only Apple ($3.4 trillion) and Microsoft ($3 trillion) are worth more.
Huang cofounded Nvidia more than 30 years ago in 1993, but the company's value has only really taken off since late 2022, when ChatGPT's release sparked the AI craze. Nvidia's split-adjusted stock price has skyrocketed by over 600% since then, from below $15 to $108 at Tuesday's close.