(Bloomberg) — Super Micro Computer Inc.’s postponed 10-K on Wednesday wiped more than $800 million off Chairman Charles Liang’s net worth, capping a wild ride that has seen his fortune fall by nearly two-thirds from its March peak.
Most read from Bloomberg
Shares of the San Jose, California-based company fell 19% after the company said it would delay the filing of annual financial disclosures and take more time to review internal controls. That came a day after short-seller Hindenburg Research released a report claiming there were “clear accounting red flags, evidence of undisclosed related party transactions, sanctions and export control failures, and customer issues.”
It marks a dramatic change for Super Micro and Liang, whose fortune comes almost entirely from his stake in the company. His net worth briefly surpassed $9 billion in March, according to the Bloomberg Billionaires Index, as strong demand for his servers running artificial intelligence applications sent shares soaring to a record high. Liang’s net worth fell to $3.5 billion on Wednesday, down 62% from its peak but still up $1.5 billion for the year.
Liang, 66, was born in Taiwan. He completed an electrical engineering degree at the National Taiwan University of Science & Technology before coming to the U.S. to study at the University of Texas at Arlington.
He started Super Micro with his wife Sara Liu in 1993, initially producing server boards. Strong growth followed a decision to shift focus to high-efficiency power systems and components. Sales increased from $1.2 billion in 2013 to $7.1 billion for fiscal 2023.
(Updated with final figures, added chart of Liang’s net worth)
Most read from Bloomberg Businessweek
©2024 Bloomberg LP
