Crypto slide, gaming slowdown wipe billions off tycoon’s fortune

Kim Jung-ju, the billionaire behind Nexon Co., is having a turbulent month.

Shares of the Tokyo-listed gaming company have plunged 21% since it forecast a decline in profit on May 12, suggesting its strong performance when the pandemic kept people indoors won’t be sustained as some countries reopen.

That’s erased about $1.9 billion from the South Korean entrepreneur’s net worth, reducing his fortune to $8.1 billion, according to the Bloomberg Billionaires Index.

On top of that, Kim’s diversification away from gaming into areas including cryptocurrency is facing obstacles. Bitcoin has dropped almost 38% since it rose to a record in April, a stark example of the swings in the prices of virtual coins that have left some mainstream investors skeptical.