REPORT - Nintendo President Loses $500M in Single Day

Former Nintendo Co. President Hiroshi Yamauchi’s wealth may have plunged more than $500 million today after the flop of the 3DS player forced the company to slash its profit forecast. The value of Nintendo shares held by Yamauchi, the company’s largest single shareholder and great-grandson of the founder, tumbled as much as 42 billion yen ($540 million) after the stock’s plunge today in Osaka trading. Yamauchi, 83, owned 14.17 million shares, or 10 percent of Kyoto-based Nintendo, as of March 31, according to regulatory data compiled by Bloomberg.

Full report here