Japanese Billionaire Loses $704 Million on Gree Drop
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Yoshikazu Tanaka, Japan’s youngest billionaire and founder of Gree Inc., 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.