A report from Bloomberg Business Week has revealed that Nintendo’s founding Yamauchi family wants to sell its holdings in Nintendo. With Nintendo planning to buyback $1.1 billion worth of shares Tuesday representing approximately 7.4% of its shares.
Yamauchi’s family, comprised of four of his children, own 10% of the conpanies stock. It is not currently known the exact amount of stock that will be sold with Nintendo spokesman Yasuhiro Minagawa commenting “We are not in a position to know how much shares the Yamauchi family will sell”.
This comes just after the January revelation that Nintendo forecast an annual loss as the Wii U failed to meet its sales targets. Nintendo’s president, Satoru Iwata in response pledged to update Nintendo’s business model and cut his own salary.
However despite this news Nintendo fans should not be too worried as the company is still committed to making its high quality AAA titles and Nintendo has come through bad times before