Japan’s Youngest Billionaire Loses $702 Million After Stock Rout
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Yoshikazu Tanaka, Japan’s youngest billionaire and founder of Gree Inc., lost $702 million today after his social-gaming company plunged by the daily limit in Tokyo on concerns one of its sales methods may be illegal.
Japan’s second-biggest operator of social games fell 500 yen, or 23 percent, to 1,651 yen, the biggest drop since its December 2008 listing, according to data compiled by Bloomberg. That wiped out 56.1 billion yen ($702 million) from the value of the 35-year-old Tanaka’s shareholding, based on calculations by Bloomberg.