Nintendo's Founding Family Sells $1.1 Billion in Shares
Just last week Nintendo announced its financial forecast for 2013. If the numbers hold true through the end of the fiscal year, Nintendo stands to lose $355 million. In the wake of this news, the remaining family members of Yamauchi have sold their shares... a lot of shares. Out of the 7.4% of stock bought back by Nintendo, 10% of it was from the Nintendo heirs.
Yamauchi was the founder of Nintendo and ran the company for 53 years. Shares were distributed to his four children at his passing, though it's not known who sold the shares.
9.5 million shares were sold at 12,025 yen each; in other words, this percentage of Nintendo stock runs a hefty bill of 114.2 billion yen, or $1.1 billion USD.
In light of last week's news that Nintendo president Iwata took a 50% pay cut and other executives had 20% - 30% stripped from their paychecks, things aren't looking on the up-and-up around the house that Mario built. Hopefully Nintendo has a few things up its sleeve before these financial loses begin to take their toll on the development staff.