There should be harm to shareholders. If the US investigates and found that export control laws have been violated and fines Nvidia $X billion then that's harm.

I mean, shares a down a lot, at least some is attributable to his behavior, so there was very direct harm.

Short-term share prices are not a good metric for anything. Shares were down significantly even before this news, and that was because of concern that datacenters will be banned by newly elected politicians.