How K-pop might lead to the downfall of Korea’s richest self-made tech mogul
Kakao Corp. founder Kim Beom-su was arrested Tuesday in Seoul, South Korea. That might not mean much to Westerners, but the story is a bizarre tale of how a celebrated, self-made tech billionaire fell from grace... partly because he bought a scandal-ridden K-pop agency.
Kim, who also goes by Brian, stands accused of manipulating SM Entertainment’s stock price during a high-profile acquisition battle. Kim’s chief rival in the bidding war? Hybe, the K-pop label that is best known for BTS. Prosecutors indicted Kakao’s chief investment officer, Bae Jae-hyun, last year on similar charges. Kim has denied any wrongdoing.
To back it up a bit, Kakao Corp. is best known for KakaoTalk, South Korea’s most popular messaging app, used by roughly 47...