In the week leading up to Easter, the brutal stock market crash saw the NASDAQ index plunge by 24% in just five days. From its peak of 7,045 points on March 24, the index tumbled to 5,346 points by the close of trading on Friday, March 28. The NASDAQ's total market capitalization dropped from $9.3 trillion at its peak to $7.1 trillion, wiping out $2.2 trillion in wealth—an amount equivalent to the combined GDPs of the United Kingdom and China in 1996—in just five days.
The financial markets were in shambles.
The collapse of Tiger Fund in February had provided a shot of adrenaline to bullish capital investors who still believed in the tech industry. Over the span of a single month, over $100 billion was poured into various tech stocks through new purchases and positions, much of it leveraging financial instruments.
Buying at the peak inevitably led to tragedy.
In the span of just five days, news outlets reported at least 20 suicides worldwide linked to the NASDAQ crash. Many more investors—former millionaires and even billionaires—saw their fortunes evaporate overnight, much like the sudden downfall of Tiger Fund a month earlier.
The greatest individual loss in this crash, however, was borne by a certain young tycoon whose peak net worth had once reached $2.3 trillion.
While the NASDAQ fell by 24% over the week, Simon's personal net worth dropped by 31%, primarily because the flagship tech companies under his control were hit the hardest. By Friday's close, his wealth stood at $1.6 trillion—$700 billion less than it had been five days earlier. This staggering loss accounted for nearly one-third of the NASDAQ's overall market value decline.
The numbers were undoubtedly grim.
However, it was all merely on paper.
Even as many gleeful onlookers celebrated the supposed "collapse of the oligarch," those with a shred of reason could see the bigger picture: despite the $700 billion loss, Simon's $1.6 trillion net worth was still $100 billion higher than the combined wealth of the entire Forbes 400 list of American billionaires from the previous year.
And even if Simon Westeros's net worth were to drop below $1 trillion in the future, so what? He would still be the world's wealthiest individual by a significant margin—someone whose fortune was far beyond what ordinary people could even comprehend, let alone match in ten lifetimes.
Unlike most investors caught in the storm, anxiously watching their tech stock holdings depreciate by the day—some even pushed to the brink of despair or worse—Simon remained the calmest and most composed player in the crisis.
Between fulfilling his duties as a soon-to-be father to a group of pregnant women, Simon initiated a new strategy within the Westeros system. He assembled a financial audit team led by Veronica Johnston, planning to conduct a comprehensive review of key companies such as Egret, Cisco, and AOL starting in April.
Simon was confident that the companies under the Westeros umbrella, which he had closely monitored, would not face catastrophic financial issues like those that once plagued Enron or WorldCom. However, he was equally aware that smaller-scale problems and oversights were inevitable.
This audit was essentially a proactive measure, akin to repairing a house before the winter storms arrived.
Preventative maintenance.
Following this, as the tech industry entered what was sure to be a prolonged winter, Simon planned to implement large-scale layoffs. These cuts aimed to eliminate the inevitable internal complacency and inefficiency that had developed during the tech bubble's years of explosive growth. His goal was to streamline operations and rejuvenate the companies, setting the stage for an even stronger resurgence once the industry recovered. Companies like Egret would emerge from this "rebirth" ready to scale new heights.
Meanwhile, as the Easter weekend arrived, Tinkerbell Electronics officially launched a series of new products in major markets worldwide.
During the week-long pre-sale period, the company's flagship products—including the iPlayer, iCam, iRec, and iMac—achieved cumulative pre-orders of over 12 million units across online and offline platforms in North America and beyond. This stood out as a rare bright spot amid the backdrop of the NASDAQ crash.
Over the weekend, the media eagerly highlighted the explosive pre-sale data from Tinkerbell Electronics. Analysts predicted that the company's four main products would collectively sell over 150 million units in 1997, rivaling the global shipment numbers for personal computers and setting a new record.
In reality, even without such media hype, Tinkerbell's stock had already demonstrated remarkable resilience during the past week. Among all tech companies, its stock experienced the smallest decline, falling only 8.3% over the five days.
For the general public, the stock market crash felt somewhat distant. What remained at the forefront of their minds during this period was Easter.
Similarly, in Hollywood, the biggest focus was the Easter movie season.
Following the 69th Academy Awards on March 24, films like The English Patient, which swept several major awards, and Good Will Hunting, whose visibility surged again, saw a boost in their box office earnings. However, since these films were nearing the end of their runs, they were no longer competing in the Easter release window.
Among these, The English Patient had surpassed $70 million at the domestic box office. Thanks to its Best Picture win at the Oscars, it was expected to bring in an additional $10 million, finishing with a domestic total of around $80 million.
Simultaneously, The English Patient began its overseas release under the global distribution of Daenerys Entertainment.
This, in fact, was where the real profits lay.
Powered by the prestige of its Best Picture win, The English Patient had previously grossed over $150 million overseas—nearly twice its domestic haul. This time around, it was expected to perform similarly well internationally.
As for Good Will Hunting, its domestic box office had already approached $160 million. Having won only the Oscar for Best Original Screenplay, the film would soon leave theaters, with a final domestic total expected to reach around $165 million.
Meanwhile, blockbuster films from last year's holiday season—Wonder Woman 2, Jumanji, and Charlie's Angels—had already concluded their runs to make way for new releases during the Easter season.
Three new films opened in North American theaters during the Easter week starting March 21: The Cable Guy, a Jim Carrey comedy produced by Daenerys Entertainment; Species II, distributed by MGM; and Power Rangers: The Movie, a Fox production based on the popular TV series.
Among them, The Cable Guy and Species II had the most buzz, but both had a lackluster start.
Despite a $35 million production budget and $15 million in marketing expenses, The Cable Guy struggled to gain traction. Daenerys Entertainment had attempted to promote the film as Jim Carrey's "career transformation," but media reviews barely reached a passable score of 6.2, thanks in part to aggressive PR efforts.
Species II, eagerly anticipated by fans of the original, fared similarly.
The sequel's story shifted from a manhunt for an alien hybrid to a showdown between two generations of alien species. While its budget had increased to $40 million and the production team showed greater effort, the media reception only slightly improved compared to the original's abysmal 4.3 score, reaching 5.5—still below passing.
The Hollywood Reporter succinctly captured the film's lack of critical success: "A hollow, assembly-line popcorn flick overly reliant on gratuitous nudity."
And yet, audiences couldn't get enough of it.
Two gorgeous actresses clawing at each other in the nude on the big screen—who could resist?
As a result, during the first week of the Easter release window, from March 21 to March 27, Species II grossed $33.14 million across 2,619 screens, easily claiming the top spot.
As the first film in a collaborative franchise initiative spearheaded by Simon, Species II represented a promising start.
With a $40 million production budget and $15 million in marketing costs, the film's total expenditure amounted to $55 million. While it would struggle to break even domestically, its global release was expected to recover the full budget.
Moreover, the real profits for this franchise lay in home video sales.
Even before considering Simon's memory of the Species series' success in the home video market, the original Species had already proven its potential. Domestically, the first film grossed just over $60 million, with a worldwide total of $110 million—enough to turn a profit. Yet its home video sales had surpassed 4.6 million units so far, generating nearly $140 million—more than its global box office earnings.
Additionally, television broadcasting rights brought in substantial revenue.
Initially hesitant about proceeding with a sequel due to fears of poor box office performance, Simon could now greenlight Species III with confidence following the sequel's $33.14 million opening week. Combined, the two films were effectively establishing a miniature Species cinematic universe.
In recent years, Hollywood's "cinematic universe" concept had become somewhat overused, but for Species, it was an entirely fitting description.
Returning to the box office rankings:
Following Species II, The Cable Guy ranked second with $27.07 million in ticket sales for the week.
Although its reception was lukewarm, Jim Carrey's star power—bolstered by his string of previous hits—still drew audiences. Even as many fans expressed disappointment with Carrey's attempt at a career shift, the film's box office performance remained solid, though its staying power remained uncertain.
In third place was Bridget Jones's Diary.
The romantic comedy, which had struck a chord in both the UK and the US, was in its sixth week of release. Under pressure from the two new releases, its weekly earnings dropped 32% to $8.37 million, bringing its cumulative domestic total to $122.53 million—making it the top-grossing film of 1997 so far.
In fourth place was Star Wars: Episode VI – Return of the Jedi, which had been re-released the previous week. After grossing $16.29 million in its first week, the film saw a 54% drop in its second week, earning $7.51 million.
Unlike the massive success of the first Star Wars re-release two months ago, Return of the Jedi had a less impressive run. With a two-week total of $23.8 million, its final domestic gross was expected to exceed $30 million, though the diminishing appeal of the re-releases was evident.
Fifth place went to Disney's urban comedy Jungle 2 Jungle, starring Tim Allen. The film, released on March 7, earned $6.01 million in its third week, bringing its cumulative total to $28.17 million. While its $30 million budget meant it wasn't a breakout hit, a projected domestic gross of $40 million was respectable for this slower release window.
As for Fox's Power Rangers: The Movie, it landed in eighth place, trailing several older releases.
The sci-fi film aimed at children, with a $45 million budget, had ambitious aspirations but failed to make an impact. It grossed a mere $3.01 million in its opening week—a performance so poor that even Rupert Murdoch might have winced.
With the Easter weekend behind, the competition would only intensify in the coming week.
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