SoftBank Group Corp. (OTC:SFTBY) CEO Masayoshi Son saw a $4.9 billion drop in his net worth on Tuesday, pushing the Japanese billionaire down to the 32nd position on the Forbes Real-Time Billionaires list of the world’s richest people.

Son’s Rank Falls To Eighth Richest In Asia

Son’s net worth has fallen to $49.3 billion, marking a substantial decline from his previous standing as Asia’s third-richest person at the start of the month, according to Forbes’ list. This drop has placed him at the eighth position on the list, just below Uniqlo CEO Tadashi Yanai.

The decline in Son’s net worth is attributed to SoftBank’s stock, which hit its lowest level since mid-September. The company’s shares plummeted by almost 11% on Tuesday on the Tokyo stock exchange, resulting in a loss of nearly ...