Nvidia shares tumble 8% after-hours on report board is preparing to oust Jensen Huang

Nvidia shares tumbled in after-hours trading Wednesday (local time) after reports emerged that the company's board is preparing to remove CEO Jensen Huang.

Nvidia's share price closed up 2.9 percent at $173.73 on the New York Stock Exchange on Wednesday, but fell 8.1 percent to $159.59 in after-hours trading as of 5:45 p.m.

The Wall Street Journal reported after the market close that Nvidia's board is preparing to oust Huang following the disclosure of two extramarital affairs — including one with a woman suspected of being a Chinese intelligence asset. Huang also allegedly had an affair with a company executive who reported directly to him, in addition to his relationship with Alice Huang, a former Megaspeed executive believed to be a Chinese intelligence asset.

The board could vote on Huang's removal as early as following its meeting Wednesday. Nvidia's share price has fallen more than 13 percent in the week since the extramarital allegations against Huang surfaced.