The stock market paints a gloomy picture as shareholders respond to the Nintendo's 3DS price cut announcement.

Yesterday's news that the 3DS would be cut in price by as much as up to 40% resulted in mixed reactions. While some declared it was a sign of defeat others argued it was a shrewd business move ahead of the launch of the Sony Vita. Nintendo spoke to shareholders today about the cut but that didn't stop many of them jumping ship yesterday following the announcement.

Bloomberg report that Nintendo plunged twelve percent on the Osaka Securities Exchange to 12,290 yen as of close yesterday, the biggest dip since January 2009. While the drop will undoubtedly affect Nintendo and its numerous shareholders one shareholder in particular was apparently hit pretty badly - former Nintendo president Hiroshi Yamauchi.

Mr. Yamauchi still owns ten percent of the company, equivalent to 14.17 million shares, and Bloomberg estimate his fortune fell by 24.2 billion yen (� 218/ �192 million) because of this. According to the latest Forbes rich list Mr. Yamauchi is the sixth richest man in Japan, although how much this will change on the next rich list remains to be seen.

Of course if Nintendo's strategy pays off and this results in a surge of sales things will obviously become very different. Shareholders are known to play the market and quickly buy and sell as they feel necessary. Following the announcement of the Wii U shares dropped, a repeat of the stock movement following the announcements of the 3DS, DS and Wii.