Following yesterday's announcement of their latest financials as well as the imminent price drop for the Nintendo 3DS, Nintendo today saw its stocks plummet as well.

Shares for the company sank 12% today to 12.290 Yen which is the biggest drop since 2009 and a new record low after its stock already dropped to ¥16.930 following the announcement of the Wii U at E3 earlier this year.

Former head of Nintendo, Hiroshi Yamauchi, who owns 10% of the company and is the great-grandson of the original founder, saw his wealth drop 24.2 billion yen due to the stock falling down so heavily. The man used to be the sixth richest person in Japan until now, but it could very well be he no longer is.

Satoru Iwata, who succeeded Yamauchi as president in 2002, has in the meantime told investors that he's taking responsibility for the current crisis and has announced he's taking a pay cut of no less than 50% of his sallary. Mind you, he won't become poor just yet. Iwata's last annual compensation was ¥137 million, or $1.8 million (including salary and performance-based "variable compensation").

Other people from the senior management team including Senior Managing Directors Shigeru Miyamoto and Shinji Hatano, will take 30% pay cuts, while other execs will lose 20% of their salaries.

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