Business magnate Brian Kim taken into custody due to allegations of K-pop share market manipulation
Billionaire Brian Kim Arrested in K-pop Stock Manipulation Case
In a surprising turn of events, South Korea's tech mogul and the force behind the popular Kakao messaging app, Brian Kim, has been arrested on charges of stock manipulation in the K-pop industry.
Kim, born to a pen factory worker and a maid, grew up in poverty and shared a single room with seven family members. Despite his humble beginnings, Kim's determination and entrepreneurial spirit led him to become a self-made billionaire.
After graduating from Seoul National University with an engineering degree, Kim joined Samsung's IT services unit as a developer specializing in online communication. In the 2000s, Kim spent time in Silicon Valley and returned to South Korea to launch a messaging app, KakaoTalk, in 2010.
KakaoTalk quickly gained popularity, with about 53 million users globally, and a 93% penetration rate in the domestic market. The app's success contributed to Kim's net worth peaking in 2021, making him the richest person in South Korea, unseating Samsung heir Jay Y. Lee.
Kim's company, Kakao, has roughly 124 affiliates, many of which have been profitably floated. Kim expanded Kakao into various sectors such as online banking, music streaming, advertising, shopping, and transport.
TikTok has played a significant role in the global fandom for K-pop idol groups, and in 2024, the "Hallyu" - Korean wave, including K-pop stars and Korean actors, went global. Kim's Kakao conglomerate has been a part of this cultural export hit, having a significant economic impact on South Korea.
However, Kim now stands accused of manipulating SM Entertainment's stock price to hinder a rival, Hybe (which manages supergroup BTS), from acquiring it. This accusation has posed a problem for the authorities as they balance between addressing financial crime and not jeopardizing South Korea's new global businesses.
In a recent development, Kim won a takeover battle last year to secure the prize of SM Entertainment. The renowned Korean K-pop agency is now launching its first UK boy band. The K-pop events market was valued at $8.1 billion in 2021 and is predicted to reach $20 billion by 2031.
The economic impact of the K-pop industry is undeniable, and the future of South Korea's global businesses remains to be seen as this case unfolds.
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