Former Nintendo president loses $500m in a day
Nintendo’s stock has plummeted by 21% after posting weak financial results, and slashing the price of the 3DS worldwide.
The massive drop has hit ex-president Hiroshi Yamauchi (pictured) very hard.
Yamauchi, an almost legendary figure, ran Nintendo for 53 years and owns a ten per cent slice of the company. His shares have lost a total of ¥42 billion (US$540 million) in a single day, reports Bloomberg.
The massive follows a weak financial report for Q1, 2012 which had the company slashing its profit forecast by 82% and cutting prices of the 3DS in order to “build momentum”.
Earlier this year, Nintendo’s shares dipped after the Wii-U reveal at E3. Nintendo’s share price has since rebounded slightly, but the message from unhappy investors is pretty clear.
