Jensen Huang was "left with nothing," finally making it clear why DeepSeek founder Liang Wenfeng personally invested 20 billion yuan to secure absolute control. Huang's tragedy stemmed from his lack of control. Nvidia's shareholding was extremely dispersed; he held only about 3.58%. The 10 independent directors on the board could vote to remove him at any time. He slept with a subordinate and violated corporate governance rules. When a shareholder class-action lawsuit came, the board, for legal reasons, stripped him of all three of his positions. The trillion-dollar empire he built was ultimately ousted under the guise of "compliance." Liang Wenfeng understood this long ago, and acted even more ruthlessly than Musk. In June 2026, DeepSeek raised over 50 billion yuan in its first round of financing. Liang Wenfeng personally invested 20 billion yuan, making him the largest single investor. But what's truly ruthless isn't the sheer amount of money he invested, but his design for external capital: Tencent invested 10 billion, CATL 5 billion, JD.com and NetEase each 3 billion, all without voting rights or board seats, receiving only financial returns, with a five-year lock-up period. The money went into a limited partnership managed by Liang Wenfeng, not into the DeepSeek entity itself. External capital wasn't buying the steering wheel, but rather a back-row dividend ticket. Through direct and indirect shareholding, Liang Wenfeng controlled a total of 84.29% of the equity, with nearly 100% voting rights. External capital gained absolutely no decision-making power. Huang Renxun proved one thing with his blood and tears: A CEO without control, whose personal moral flaws are a ticking time bomb for politicians and the board of directors. Liang Wenfeng used 20 billion to weld one thing shut: Money could come in, but the steering wheel couldn't. The moment the founder relinquished voting rights, they had already handed the "kick-out" button to someone else.