Nintendo stock plummets by 21% after financial results
Ex-president Yamauchi thought to have lost up to $540 million
Nintendo's stock nosedived after yesterday's financial results, losing 21 per cent of its value in a single trading period - costing ex-president Hiroshi Yamauchi a huge amount of money.
Yamauchi was president of Nintendo for 53 years and retained a ten per cent share in the company across 14.17 million shares, according to a March 31 posting. Those shares are thought to have lost a total of ¥42 billion ($540 million) in a single day, reports Bloomberg.
The fall was the result of a devastating financial report for Q1, 2012 which indicated that Nintendo was slashing its profit forecast by a massive 82 per cent and cutting prices of the 3DS by around a third world wide in order to "build momentum".
Earlier this year, Nintendo's shares reached a five year low after the Wii-U reveal at E3 in Los Angeles, closing at a price of ¥16,610. Yesterday's slide brought the price to ¥11,100 – the biggest intraday drop since at least 1990.
Whilst that price has since recovered slightly to a current level of ¥12,270, the message from investors seems clear.