Billionaire mobile phone mogul Charles Dunstone today saw tens of millions of pounds wiped off his net worth as Dixons Carphone shares crashed almost 20 per cent.
The founder of Carphone Warehouse was facing losses of almost £100m in the first hour of trading before the retailer regained ground.
Dunstone's 12 per cent interest in Dixons is currently worth £55m less than it was at the end of yesterday. His shares have fallen more than £200m in value since the start of the year.
The 53-year-old is the 1,376th richest person on the planet, starting the day with a net worth of $1.5bn (£1.2bn), according to the Forbes.
Dixons revealed a trio of bad news in a trading update this morning. It warned it was struggling sell mobile phones, it would take an unexpected hit from the dropping of EU roaming charges and software sales would yield a lower return.
The plummeting share price sparked initial concerns of a repeat sell-off that hit sub prime lender Provident Financial on Tuesday.
And one of the main hedge funds that booked tens of millions of profits after betting against Provident today took a profit hit as Dixons shares slid.
Lansdowne Partners had a five per cent shareholding in the firm, according to accounts filed at the end of July, a choice that has cost the fund tens of millions in losses. City sources said it had subsequently sold down some its position.
In May, TalkTalk revealed a surprise of its own by cancelling its dividend after sales floundered. Dunstone owns just under a third of TalkTalk and was hit as shares in the internet firm fell 11 per cent. The firm's shares have subsequently made back nearly all of the lost ground.
Nevertheless, Dunstone admitted cutting the dividend was not an easy choice. He said:
It was a decision that was taken to have the best interests of shareholders at heart. So yes, I am [being hit financially]. I will feel the pain a bit.