Nvidia CEO Jensen Huang is avoiding nearly $8 billion in taxes, according to the documents studied by the New York Times. Huang, who has a net worth of $127 billion, should ideally devote 40 per cent of his wealth to taxes. However, reportedly, the amount of tax evaded by him is largest in the United States.
As per the report, the $8 billion tax evaded would be enough to fund the US Justice Department’s budget and triple the state’s funding for cancer and Alzheimer’s research. But tax evasion is largely possible due to well-qualified people working for the billionaires, the report by NYT stated.
“You have an army of well-trained, brilliant people who sit there all day long, charging $1,000 an hour, thinking up ways to beat this tax,” Jack Bogdanski told NYT. Bogdanski is a professor at Lewis & Clark Law School. “Don’t expect anyone in Congress to stop this,” he added.
Nvidia’s Dominance Boosts CEO’s Wealth
This comes at a time when the 61-year-old Nvidia CEO just made an entry into Forbes’ list of the World’s ten richest billionaires in October this year. Huang’s net worth has increased from $20.6 billion in 2022 to $124.1 billion in 2024, according to Forbes. The increase in his wealth is largely due to a surge in Nvidia share price. The shares of the company are up by 201.14 per cent on NASDAQ on a year-to-date basis and 218.81 per cent on a yearly basis.
The chipmaking giant has shown tremendous growth, particularly due to its leadership in manufacturing the custom artificial technology (AI) required by other tech giants like Amazon, Google, Meta, Microsoft and Tesla. The growth of AI and its adoption by tech giants have shaken many Silicon Valley companies, including Intel. But Nvidia is leveraging AI chip manufacturing to strengthen its position. According to Bank of America research, Nvidia currently controls an 80 per cent share of the rapidly increasing AI accelerator market.
Additionally, its investments in data center markets are helping to cement its leadership in the chipmaking industry. The chipmaking giant is also making strides to expand its presence in India. It recently announced its partnership with Mukesh Ambani-led Reliance Industries and Tata Group to build AI infrastructure in the country.
