Musk, Tom Lee and Shopify CEO Back Petition to Reinstate Huang at Nvidia

what happened

Elon Musk, Fundstrat's Tom Lee and Shopify CEO Tobi Lutke have joined a petition calling for Jensen Huang to be reinstated as head of Nvidia, Stocktwits reports. Musk wrote on X that he is signing it too.

According to a tracker, the petition had about 36,000 signatures at the time of writing, including nearly 2,700 current Nvidia employees and more than 20,000 existing shareholders. The authors of the open letter argue that Huang was removed without proper due process and without evidence supporting the allegations against him. They ask the board to order an independent investigation, give Huang a fair chance to respond and publicly explain the reasons for its decision.

Huang announced on Thursday that he was stepping down immediately as CEO, President and a board member. CFO Colette Kress has been named interim CEO while the company searches for a successor. The move followed reports about Huang's personal relationships, including one with an alleged Chinese intelligence asset and an executive who reported directly to him.

why it matters

For investors, the key factor is uncertainty over Nvidia's leadership. NVDA shares fell more than 2% in Friday's regular session and are down about 13% year to date, while the S&P 500 and QQQ are up roughly 12% over the past year. Retail sentiment on Stocktwits remained in 'extremely bullish' territory at the time of writing.

market impact

Nvidia (NVDA): leadership uncertainty after the CEO exit weighs on the shares

• ▼Nvidia shares (NVDA) pressure down — leadership uncertainty after the CEO's sudden departure

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