IAP clampdown sheds vast sum from personal fortune of Japan's youngest billionaire

Gree founder loses $702m

Japan’s youngest billionaire has lost $702 million as a result of legal concern’s over the IAP models used by social-mobile gaming giants including Gree and DeNA.

35-year-old Gree co-founder Yoshikazu Tanaka lost the sum after Japan’s Consumer Affairs Agency questioned the legality of in-games purchasing models used in the social space, prompting a share nosedive that effected his own firm and rival DeNA.

Shares in Gree and DeNA tumbled by maximum daily limits as a result of the CAA’s consideration of the legal validity of the ‘complete gacha’, social gaming monetisation model, which encourages users to buy multiple virtual items via in-game vending machines, reports Bloomberg.

Tanaka’s personal fortune stands at $3.5 billion, and he holds a 48.12 per cent stake in Gree, which saw its net income in the three months leading up to March 31st total 13.4 billion yen.

About MCV Staff

Check Also

The new MCV/DEVELOP Awards – bringing the whole industry together – where you get to vote for the winners!

New categories, no time-consuming entries and an industry-wide voting system