Kakao Founder Cleared Of SM Entertainment Stock Manipulation
The post Kakao Founder Cleared Of SM Entertainment Stock Manipulation appeared on BitcoinEthereumNews.com.
SUQIAN, CHINA – JULY 18, 2024 – Illustration Kakao to sell SM and other subsidiaries, Suqian, Jiangsu province, China, July 18, 2024. (Photo credit should read CFOTO/Future Publishing via Getty Images) CFOTO/Future Publishing via Getty Images Following the acquittal of founder Kim Beom-su over a two-year investigation of alleged stock manipulation involving fellow pop-culture titan SM Entertainment, stocks under the Kakao conglomerate jumped across the board on Tuesday, October 21, 2025. After Kakao Corp’s stock fell to its low for the month on the Korea Composite Stock Price Index (KOSPI) on Friday ahead of the impending court decision, the stock has shot back up, closing at at 62,300 KRW (about $43.57), gaining 3,600.00, (about $2.52) to deliver a 5.95% gain for the day. Meanwhile, the stock for KakaoPay Corp, the digital wallet and mobile payment service under the company, also rose on KOSPI, hopping to 53,100 Korean won ($37.14), gaining 2,000 KRW ($1.40), for a 3.91% increase. Meanwhile, the stocks for KakaoBank Corp (the financial institution focused on mobile banking services and finance tech) and Kakao Games Corp (the globally focused gaming publisher) both rose as well, respectively climbing 3.34% and 2.84% on the KOSPI and the Korea Securities Dealers Automated Quotations (KOSDAQ) for the day. The stock bump is more welcome news for Kakao’s founder Kim Beomsu who was acquitted regarding charges of stock-price manipulation when his ultimately company acquired SM Entertainment in a highly publicized battle with HYBE. The prosecution had demanded the maximum 15-year sentence in prison for Kim in its sentencing guidelines back in August. Several former Kakao employees alongside Kim were also acquited including Bae Jaehyun (the former head of investments), Kim Sungsoo (former CEO of the Kakao Entertainment subsidiary), and Hong Eun-tak (former Kakao CEO). However, Ji Changbae, the CEO of private equity fund…
Filed under: News - @ October 22, 2025 4:23 am