What once seemed like a desperate corporate restructuring has become one of Japan’s greatest wealth-creation stories.
When Toshiba sold its prized memory chip business, then known as Toshiba Memory, to an investor group led by Bain Capital in 2018, the deal included generous employee stock options designed to retain key talent. The company was later renamed Kioxia, and thanks to soaring demand for NAND flash memory fueled by the global AI boom, its share price has skyrocketed since its IPO. As a result, approximately 600 employees who received stock options during the acquisition have reportedly become paper billionaires, with holdings worth more than 1 billion yen each. The remarkable turnaround highlights how the controversial sale of Toshiba Memory—once viewed as a financial necessity to rescue Toshiba—ultimately created enormous wealth for employees while transforming Kioxia into one of the biggest beneficiaries of the AI semiconductor revolution.