Nvidia stock took another direct hit. Shares of the semiconductor heavyweight tumbled 4.3% on November 12, recovering only marginally from an intraday plunge of 14% before sliding an additional 3% on Friday, November 13. The selling pressure extended Nvidia’s losing streak to six consecutive weeks. Now, the boardroom crisis has drawn the attention of Silicon Valley's most vocal billionaire.
Elon Musk announced he will sign a petition demanding the reinstatement of Jensen Huang, who stepped down abruptly on November 12 as president, chief executive, and board director. The exit ended Huang’s 33-year tenure at the firm he co-founded in 1993, leaving the global artificial intelligence chip supply chain rattled. Musk threw his support behind the effort after Yun-Ta Tsai, a senior staff engineer at Tesla Superintelligence, called on Nvidia staff to exploit their scarcity in the specialized computing market.
If NVIDIA employees want Jensen back, they should start with ‘NVIDIA is nothing without its people’ - resign and chill. A petition is underway to reinstate Jensen and I’m signing it too.
Tsai argued that elite graphics processing unit engineers remain virtually impossible to replace quickly, urging engineers to seize their collective leverage. Musk confirmed his backing in a direct reply, stating he would sign the petition as well. He did not provide a link to the document.
Nvidia’s ranks are boiling over. An internal post published on Nvidia’s internal suggestion board by a veteran engineer before Huang departed has logged more than 1,600 comments. The message demanded that the board factor in staff sentiment before deciding Huang's fate.
Sentiment ran hot. "If you believe in the mission, bring back THE boss," wrote one anonymous employee on the company thread. A separate employee blasted a company-wide email insisting on complete transparency surrounding the exit while rallying colleagues behind Huang.
Colette Kress, Nvidia’s chief financial officer, currently runs day-to-day operations as interim chief executive. The board confirmed it is vetting both internal candidates and outside executives for the permanent post. Directors have already approached Rene Haas, chief executive of British semiconductor architect Arm Holdings, people familiar with the matter confirmed.
Haas spent seven years at Nvidia as vice president and general manager of its computing products group before departing for Arm in 2013. He remains one of several candidates on the shortlist. No formal offer has been extended, and Haas has not agreed to take the role. Arm declined to comment, while Nvidia did not respond to inquiries regarding the executive hunt.
| Executive & Market Metric | Data Point / Corporate Timeline |
|---|---|
| November 12 Share Price Action | Slumped 4.3% (Intraday decline reached 14%) |
| November 13 Share Price Action | Shed 3.0% (Sixth consecutive weekly loss) |
| Founder Leadership Span | 33 years (Co-founded Nvidia in 1993) |
| Internal Message Board Activity | 1,600+ employee comments logged |
| Current Interim Chief Executive | Colette Kress (Chief Financial Officer) |
| Outside Candidate Approached | Rene Haas (CEO, Arm Holdings) |
Huang’s resignation followed disclosures of extramarital relationships, including one with Alice Huang, a Singapore-based businesswoman whom United States authorities suspected of ties to Chinese intelligence services. Additional reports indicated personal relationships involving Nvidia staff members.
Huang addressed the conduct internally. In an official message distributed to staff, Huang admitted he had been unfaithful to his wife, offered an apology, and accepted full personal responsibility for his conduct. Nvidia's formal public filing announcing his departure omitted the underlying circumstances.
Yet the board moved quickly. Directors authorized an independent inquiry on November 8 after reports surfaced that foreign intelligence operators had targeted Huang. A dedicated committee of independent directors is supervising the investigation alongside external legal counsel.
In a public declaration, Nvidia’s board confirmed that the internal review found no indication that United States national security or proprietary trade secrets suffered compromise. Directors added that Huang fully backed the independent probe and pledged complete cooperation.
Beijing trade channels faced parallel scrutiny. Singapore authorities previously investigated Alice Huang and her firm, Megaspeed International, over suspected anomalies in high-performance artificial intelligence chip shipments. Singaporean investigators determined there was insufficient evidence to pursue criminal charges, issued her an official warning, and barred her from re-entering the country. Espionage allegations have not been proven in court.
Market Context: Wall Street and institutional desks view Nvidia's top leadership as integral to executing its high-margin hardware roadmap. With interim CEO Colette Kress holding the helm, the company faces immediate pressure to reassure institutional holders that engineering roadmaps will not fracture as the board navigates its independent audit and executive succession search.