by Joseph Knoop
The Yamauchi family, who inherited Nintendo founder Hiroshi Yamauchi's shares in the company after his death last year, has announced their intention to sell their remaining stocks in the company. Worth reportedly 114.2 billion-yen, Nintendo executives plan to commit a buyback of the of the 9.5 million shares, a statement released by the company said.
The news comes as an additional shock to Nintendo's already disturbing losses reported in their recent financial report, including a projected annual loss of $240 million and sales estimates being cut in half.
Yamauchi's family owns roughly 10 percent of the company's stock.
Nintendo President Satoru Iwata shocked consumers again after agreeing to reduce his salary, along with other company executives.
Nintendo still has some financial security left, however, citing the $8.6 billion in their bank account and zero debt.
Source: Nintendo Life
