Wynn Resorts shares fell over 10% on Friday after allegations of sexual misconduct came to light against the company’s billionaire CEO, Steve Wynn. For Wynn, the largest shareholder in Wynn Resorts with a 12% stake in the company, the tumble shed nearly $250 million in his net worth. Its report immediately sent Wynn Resorts into a tailspin, plunging 6% just after noontime when the investigation was published. Wynn, worth $3.5 billion according to Forbes' Real Time Net Worth rankings, has built up much of the Las Vegas strip. Wynn Las Vegas opened in 2005 and sister hotel, Wynn Encore, opened in 2008.

Source: Forbes January 26, 2018 23:52 UTC