Nvidia has shed more than $500bn in market value since briefly becoming the world’s most valuable company last week after shares fell almost 7 per cent on Monday. Nvidia’s market value dropped to $2.91tn, down roughly $550bn from Thursday’s peak. Earlier last week, the company had leapfrogged Microsoft and Apple to become the world’s most valuable publicly listed company, though it has since fallen back to third place.
Monday’s decline follows disclosures on Friday that the chipmaker’s chief executive and co-founder, Jensen Huang, sold almost $95mn worth of shares in the days shortly before and after it became the world’s most valuable company. The trades were part of a previously scheduled Rule 10b5-1 sale plan set up in March, filings show. Nvidia declined to comment on the sales.