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By Naoko Fujimura and Takashi Amano (Bioomberg)
Yoshikazu Tanaka, Japan’s youngest billionaire and founder of Gree Inc. (3632), lost $704 million in the past two days after his
social-gaming company declined on concerns one of its sales methods may be declared illegal.
Japan’s second-biggest operator of social games fell 0.1 percent to 1,650 yen today, extending a record 23 percent plunge yesterday.
The two days of declines wiped out 56.2 billion yen ($704 million) from the value of the 35-year-old Tanaka’s shareholding, based on
calculations by Bloomberg News.
Gree and other Japanese social game-related companies fell after the nation’s Consumer Affairs Agency said it’s considering whether a
sales method called “complete gacha” violates the law.
Tanaka was Japan’s youngest billionaire with an estimated fortune of $3.5 billion, Forbes magazine said in March. His 48.18 percent
stake in Gree is now worth $2.32 billion.
Yoshikazu Tanaka, Japan’s youngest billionaire and founder of Gree Inc. (3632), lost $704 million in the past two days after his
social-gaming company declined on concerns one of its sales methods may be declared illegal.
Japan’s second-biggest operator of social games fell 0.1 percent to 1,650 yen today, extending a record 23 percent plunge yesterday.
The two days of declines wiped out 56.2 billion yen ($704 million) from the value of the 35-year-old Tanaka’s shareholding, based on
calculations by Bloomberg News.
Gree and other Japanese social game-related companies fell after the nation’s Consumer Affairs Agency said it’s considering whether a
sales method called “complete gacha” violates the law.
Tanaka was Japan’s youngest billionaire with an estimated fortune of $3.5 billion, Forbes magazine said in March. His 48.18 percent
stake in Gree is now worth $2.32 billion.
