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Plate I · Jensen Huang walks away from Nvidia’s headquarters in Santa Clara; Nvidia gave no reason for his resignation
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The Lead · Makers
Nvidia's finance chief, Colette Kress, now runs the AI chipmaker as interim chief. Its stock has shed almost $500 billion in value since last week's close, CBS News reports, and results come Tuesday.
Jensen Huang, who founded Nvidia in 1993, quit as its chief executive effective Wednesday, with no reason given, days after President Trump called him "an honorable guy." On June 30, by our count, Nvidia was the biggest stock Florida's state pension reported owning, about $4 billion. Trump spoke amid reports of Huang's affair with a woman who, CBS News reports, U.S. intelligence agencies believe was a Chinese asset, meaning someone who helps China's spy agencies. SiliconAngle, a tech news site, names her as Alice Huang, no relation, who runs Megaspeed, a Singapore company.
Why it matters: The State Board of Administration invests Florida's state pension fund. By law its board is the governor, the state's chief financial officer and the attorney general. Each quarter the agency lists many of its holdings, mainly U.S.-listed stocks, in a report to the SEC, which polices the stock market. Its report for Sept. 30 is due Monday and should show the Nvidia stake it reports for that day.
The story so far: On Sunday, Nov. 8, Trump defended Huang and said he had not spoken to him about the reports, Reuters reported. Nvidia said that day it was looking into whether Huang had been the target of "a foreign intelligence effort." Its board accepted his resignation on Wednesday, Nov. 11, and Nvidia announced it Thursday.
What's next: The pension's Sept. 30 holdings are due Monday, Nov. 16, and were not yet filed as of 5:42 p.m. Eastern Thursday. The SEC gives each filer 45 days after a quarter ends and moves a weekend deadline to the next business day. Nvidia reports quarterly results Tuesday, Nov. 17, at about 4:20 p.m. Eastern, with its call at 5 p.m., by our time conversion. Kress is expected to speak on the call, Yahoo Finance reported.
Old Florida Money desk · Fri Nov 13 · Nvidia's filing and its release give no reason for the resignation. The pension's Nvidia stake and its rank are our count of the State Board of Administration's June 30 federal filing, which lists mainly U.S.-listed stocks, not the whole fund; no outlet outside the agency has stated the rank. The affair and the intelligence suspicion are as CBS News and SiliconAngle report them. Share prices are as CBS News reported them in its 5:03 p.m. Eastern update Thursday. Filings are as of 5:42 p.m. Eastern Thursday, when Nvidia had filed nothing
further on the change and the pension had filed no newer holdings report. · Sources: Nvidia Form 8-K and press release (SEC EDGAR); Nvidia proxy and biography; CBS News; Reuters via The Star; SiliconAngle, relaying The New York Times; Trump's Truth Social post; Yahoo Finance; CNBC; ABC News; Rep. Brian Mast's House page; State Board of Administration of Florida Forms 13F-HR; SEC; Florida Statutes
Read the full story
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Plate II · Donald Trump Jr. in Palm Beach, where his firm keeps its office, one rival market in his hand and the other face down
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Money Pulse
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Donald Trump Jr.'s Kalshi role ends after his Palm Beach firm backed rival Polymarket
Kalshi and Donald Trump Jr., the president's eldest son, agreed to end his adviser role after his Palm Beach firm, 1789 Capital, invested in rival Polymarket, Kalshi said Thursday. Kalshi says the split was mutual and that no political considerations factored into it, though two people told Reuters there were concerns inside the company about the Democrats' sweep. Trump Jr. still advises Polymarket.
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Ken Griffin bought every condo in a Brickell tower. That was the small part
Ken Griffin, the Citadel founder, had companies buy every condo in Brickell's 22-story Solaris tower, one unit at a time, for a block across from his planned headquarters. On July 23, Miami's commissioners voted 5-0 to sell his company the block's last lot, a 1905 doctor's office, without bidding. That was the small part: in September he paid $1.1 billion for about 30 acres of Wynwood land.
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Plate III · The SS United States at rest on the Gulf floor off Destin, her funnels taken off months earlier
Okaloosa County sank the SS United States off Destin on bed tax and partner money
Okaloosa County paid $1 million for the SS United States in 2024, and on Wednesday night it sank the liner about 20 nautical miles off Destin as an artificial reef. The county says the $13 million project ran on tourist bed tax and partner money, with no property tax. Its tourism director, Jennifer Adams, expects the ship to pay back the county's investment in a couple of years.
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Florida adds $6.25 million for signs and security at Palm Beach's Trump airport
Florida's Department of Transportation is giving Palm Beach County $6.25 million for signs and security at the airport renamed this year for President Donald Trump, all state money with no local match. County commissioners accepted it Tuesday. The Legislature had set aside $2.75 million, half the airport's first $5.5 million estimate for the name change.
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That is the edition. Every story above, with its records, is on the site.
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About
Old Florida Money is a Florida newsletter on where the money goes: the named checks behind houses, teams, races and public votes across the state.
Illustrations are Old Florida Money editorial art. Portraits of public figures are caricature or silhouette, never photographs. Each image carries its credit.
Drawn after reference photographs: Plate I, Office of the President, Republic of China (Taiwan), ‘Jensen Huang 20231109’, via Wikimedia Commons (CC BY 2.0); Official White House photo by Daniel Torok, ‘Jen-Hsun Huang 2025’, via Wikimedia Commons (US government work, public domain). Plate II, DoD photo by U.S. Air Force Staff Sgt. Marianique Santos, Jan. 20, 2017 (DVIDS 3114404), via Wikimedia Commons (US government work, public domain). Plate III, ‘SS United States on maiden voyage from Southampton’, 1952, via Wikimedia Commons (public domain); John Oxley Library, State Library of Queensland, item 1-169487, ‘United States (ship)’, mid 1950s, via Wikimedia Commons (public domain). St. Petersburg · Est. MMXXV
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