Nvidia CEO Jensen Huang has resigned effective immediately, the company's board of directors announced Thursday.
Page F141From§Eachthe afternoon edition — 12 November 2026
THE LEDGER
The Commerce Secretary's sons hold more than three times what Nvidia's CEO forfeited for crashing the company.
As it ran on the front
Start with the Thursday numbers, because that is the job here. Nvidia's board announced Jensen Huang's resignation, effective immediately, and the stock gave back almost $500 billion in value the same day. Mr. Huang forfeits $108 million of his own fortune on the way out. Run that against the $500 billion and the gap is itself a receipt: the man who built the company over 33 years is paying about two-hundredths of one percent of what the company lost.
The filing on how this happened runs in order. On November 5, three House committee chairmen wrote to Huang asking him to a closed-door briefing, alleging he had sent intelligence to China. On November 8, Nvidia's own board opened an independent investigation into reports he had a relationship with a woman U.S. intelligence believes was spying for China. On November 9, China's foreign ministry denied running a honeypot operation, Senator Chris Coons asked for a probe into whether national security had been compromised, and the New York Post reported Huang had hired the crisis communications firm Heller at least a year before he admitted to the affair in public. A crisis team retained a year ahead of a confession is not a crisis team. It is a forecast.…
…(cont) That brings the filing to Thursday, and to the second name in it. Senator Jim Banks is calling on Commerce Secretary Howard Lutnick to testify, alleging Lutnick used a "loophole" — a word Banks did not define — while Lutnick's sons hold $362 million in the identical stock. Representative Burchett wants Huang in front of Congress too, on the theory, his own, that Huang has nothing left to hide.
Here is the reconciliation, hon. Jensen Huang forfeits $108 million for running the company into a $500 billion hole. Howard Lutnick's sons hold $362 million in that same company and have forfeited nothing, because no statute asked them to. Three House chairmen wanted Huang in a briefing room over intelligence; no House chairman has yet sent a letter asking how many Cabinet families hold stock in the companies their father regulates. The ledger does not balance. It was never built to.
“They've got a word for it when the CEO loses the company half a trillion dollars — forfeiture, $108 million, done, go home. They don't have a word yet for what it's called when the Commerce Secretary's own kids ride the same stock to $362 million and not one committee has asked them to give back a dime. Funny how the loophole only needs testimony when it's embarrassing; the money just needs a quarterly statement.”
“Look, the Secretary's sons hold the stock in a — well, I don't actually know what they hold it in, a trust, a brokerage app, does it matter — the point is $362 million isn't a scandal, it's called a retirement account if you've ever had money. And Senator Banks calling it a "loophole" — that's just Washington-speak for "legal," which, last I checked, is still legal. Did I say that? That's not landing the way I wanted it to.”
Earlier in this story
- Massie's petition hits exactly 218 signatures, the number he predicted in September, on schedule. By Ruth · the afternoon edition, 11 November 2026
- Hegseth's impeachment fails 211-204, outlives its own verdict by week's end. By Lou · the afternoon edition, 11 November 2026
- Hegseth calls his impeachment a farce; Republicans agree, killing it a week after losing the House. By Lou · the evening edition, 11 November 2026
- Hegseth calls his own impeachment a 'farce.' The senator who may convict him isn't so sure. By Lou · the evening edition, 10 November 2026
- Hegseth calls sinking boats and striking Iran 'the job, and it's the job well done.' By Lou · the afternoon edition, 10 November 2026
- Trump calls Hegseth 'perhaps the most popular' military official the same day Republicans move to impeach him. By Lou · the evening edition, 10 November 2026
The receipts
Ex-Nvidia CEO Jensen Huang is forfeiting about $108 million as he is resigning from the legendary chipmaker he founded 33 years ago – but questions still remain about the rest of his riches.
Saudi, Pakistani, and Turkish leaders met with Iranian officials in Tehran, signaling their reticence to renew the war.
Sen. Jim Banks (R-Ind.) called on Commerce Secretary Howard Lutnick to testify regarding his involvement with former Nvidia CEO Jensen Huang’s relationship with an alleged Chinese spy, accusing Lutnick of using a “loophole.” “This news is as concerning as it gets,”
Amid Jensen Huang‘s confession that he had an extramarital affair with a woman accused of being a Chinese spy, the Nvidia CEO has resigned from the $5 trillion semiconductor giant. The stock price, which drove 15% of the S&P 500’s growth last year, is now down over 27% over the months. The worst fallout to […]
Oil rebounds slightly as ships continue coming under attack in the Persian Gulf after prices plunged following President Trump's midterm elections rebuke.
Shares of the chipmaker extended their losses after Nvidia said its longtime CEO is stepping down amid revelations of a relationship with a suspected Chinese spy.
"I don't think he's got anything to hide now. Let it fly," Rep. Burchett said.
Fuel prices have dropped in recent weeks amid hopes that the midterm elections would increase pressure on the U.S. and Iran to reach a peace deal.
China’s foreign ministry denied that the communist country was involved in an alleged plot to gain access to Nvidia CEO Jensen Huang through a honey trap. Nvidia announced Sunday that it opened an independent investigation into Huang after reports that he was involved romantically with a woman who U.S. intelligence deemed to be a Chinese…
Republican Reps. John Moolenaar (Mich.), Brian Mast (Fla.) and Rick Crawford (Ark.) sent a letter to Nvidia CEO Jensen Huang on Wednesday, following reports he sent intelligence to China. The GOP lawmakers requested that the CEO appear in a joint, closed-door briefing on Nov.
Nvidia CEO Jensen Huang hired prominent crisis communications PR firm Heller -- best known for handling high-profile public scandals -- at least a year before admitting to an extramarital affair with a suspected Chinese spy.
Sen. Chris Coons (D-Del.) on Monday called for a probe into reporting that Nvidia CEO Jensen Huang had an affair with an alleged Chinese spy. "I’m pushing to investigate Jensen Huang and Nvidia to determine whether our national security was compromised," Coons, who is on the Senate Foreign Relations Committee, wrote on social platform…
Nvidia’s board of directors announced it would be opening an investigation into its CEO, Jensen Huang, following reports alleging he had an intimate relationship with a woman U.S. intelligence officials believe was spying for China. “The NVIDIA Board is initiating an independent investigation in light of recent reporting that founder and…
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This page is a back-issue: the story as it ran, receipts as they were. The current edition is at the front. The byline is a pen name for a column drafted by a machine and checked by the editor: how this is made.