On November 13 US Eastern time, Elon Musk said he will sign a petition asking Jensen Huang to return as Nvidia’s CEO. The page had already drawn more than 24,000 participants. A day earlier the board accepted Huang’s resignation as president, CEO and director, with CFO Colette Kress as interim CEO. Nvidia fell 12.7% this week, wiping out more than $570 billion in market value.
How the petition reached the public
On November 13, Musk replied on X to Yun-Ta Tsai, a former core Nvidia GPU engineer now at Tesla, saying a petition for Huang’s reinstatement was collecting signatures and that he would sign. Asked earlier whether he would hire Huang again, Musk said it would be his honor. Investor Gavin Baker said signature traffic briefly overwhelmed the site and forced an emergency capacity upgrade. The resignation itself is covered in this site’s AI news.
The handoff and the internal pushback
On November 12, Nvidia’s board said it accepted Huang’s resignation as president, chief executive and director, and opened a search for a long-term successor. The company tied the move to reporting about a personal relationship and a security inquiry, and said there was no evidence that company secrets or U.S. national security were harmed. It is still choosing a search firm and said it has not formally approached any candidate.
Before the resignation, a senior engineer posted in an internal suggestion box asking the board to hear employees first. That thread now has more than 1,600 comments, most of them in favor of Huang’s return.
$570 billion gone in a week
Nvidia closed Friday at $162.85, down 2.01%, after touching $158.39 intraday. The stock fell 12.7% on the week and lost more than $570 billion in market value, about RMB 3.82 trillion, for a sixth straight weekly decline, the longest run since 2012. At about $3.92 trillion it passed Microsoft at the close and returned to second place in the U.S. market, still behind Apple at about $5.18 trillion.
Bloomberg’s tally shows at least 13 analysts cut a Buy rating this week, while Hold ratings rose to 15, the most since 2023. Truist analyst William Stein’s team moved Nvidia from Buy to Hold, arguing that the CEO’s exit could damage a culture built over many years and that revenue and profit are no longer predictable enough.
A hearing, then the November 17 earnings
Huang has agreed to testify under oath before Congress ahead of Thanksgiving, with House Foreign Affairs Chairman Mast coordinating. The hearing is expected to cover diplomacy and intelligence. On November 17 Nvidia reports its first quarter since Huang left, and the market will watch the outlook and how interim management describes strategy. With Colette Kress in charge and no successor named, whether the handoff stays orderly is still open.
FAQ
Q: Why is Jensen Huang no longer Nvidia’s CEO? A: The board accepted his resignation as president, CEO and director. Nvidia said the trigger was reporting about a personal relationship and a security inquiry, and that there is no evidence company secrets or U.S. national security were harmed.
Q: Who is running Nvidia now? A: CFO Colette Kress is interim CEO. A long-term successor is still being selected, and the company says it has not formally contacted candidates.
Q: How many people have joined the petition? A: The page showed more than 24,000 participants. Musk confirmed on X that he will sign.
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