Jensen Huang has resigned as chief executive of Nvidia after a series of personal and political allegations. The board reached its decision after an hours-long meeting on Wednesday at the company, which is valued at roughly $4 trillion. Huang had been fighting to keep his job since October 29, when media reports described a "close relationship" between him and Alice Huang, a Chinese citizen and executive at Megaspeed, the largest buyer of Nvidia chips in Southeast Asia, whom U.S. intelligence suspects of spying for Beijing. Huang first acknowledged an affair in a statement on November 8, though he did not name her.

The scandal widened after reports of a relationship with Kimberly Powell, Nvidia's vice president of healthcare. A new Reuters report, citing two people familiar with the matter, now alleges a third relationship, this time with a second company employee. Reuters is not naming her, and attempts to reach her were not successful. Two former Nvidia employees spoke to Reuters on condition of anonymity for its November 12 report, and neither Nvidia nor the individuals involved responded to requests for comment on the allegations.S1S2

Alice Huang was reportedly under surveillance by U.S. counterintelligence authorities for suspected espionage. She is a controlling shareholder of Megaspeed, which was previously investigated by U.S. authorities for allegedly skirting export controls to bring advanced chips to Chinese markets. Megaspeed is still listed as an official cloud partner of Nvidia, according to Reuters. The market reaction has been severe: Nvidia has lost $450 billion in market value in four days, and its stock was down over five percent at the time of one report, with Bernstein cutting its price target from $400 to $200.S1S2

Colette Kress, Nvidia's chief financial officer, will serve as interim CEO while the company searches for a permanent replacement. President Donald Trump, who had chosen Huang as one of his technology advisers, has so far maintained his support for Huang while denying knowledge of the relationships. After Huang's resignation, Trump celebrated his career and floated former Apple CEO Tim Cook as a possible replacement.S1S2