Nintendo Stock Tanks, When Investors Find It Doesn't Own "Pokémon GO"
After Pokémon GO quickly became a viral sensation, investors began snatching up Nintendo stock, because the company was most closely associated with the game from its original conception as a cartridge game for Game Boy.
Since the game's release in early July, Nintendo's stock had jumped 63.7%, adding around $11 billion to the company's value, according to Quartz.
While it's believed that Nintendo's stock would conntinue to rise, due to the continued success of Pokémon GO, that's not the case, because the company actually owns just a 32% stake in Pokémon Co.
Nintendo revealed the news to investors on Friday (July 22), resulting in its stockc plummeting 17%, or $6.7 billion — the most significant drop for Nintendo since 1990.