Internet giants in South Korea are increasingly aware of the cross of national regulators, who have saved billions of dollars from the wealth of the country’s wealthiest people.
Cacao founder and chairman Kim Boms has seen a $ 4.5 billion decline in wealth since his homebrew entrepreneur topped the country’s wealth ranking with a net worth of $ 16.2 billion in late June. I did. But since then, shares in his Seoul-based company have plummeted by more than 26%, pushing his wealth to $ 11.7 billion for real-time billionaires.
Prominent lawmakers and regulators are tightening Internet regulation in ways that can thwart the most well-known and fast-growing companies in mobile messengers.
Federal Trade Commission Vice-Chairman Kim Jae-Shin said at a symposium last week how his agency could crack down on tech companies like cocoa and search for huge neighbors accused of misusing market power. He said he was considering. According to the report, Kim found that both companies were abusing their position as “both referees and players” to drive traffic to their businesses.
Cacao has been particularly criticized for using low rates to eliminate competitors and later taking advantage of its “monopoly position” to raise platform and usage prices, the South Korean news website said. Newsdirectory 3 reports. The ruling parties, Song Gap-suk and Lee Dong-ju, are discussing ways to regulate the unfair trading practices of cocoa.
The 11-year-old company, along with KakaoTalk Messenger, operates an online bank and unit specializing in fintech, digital comics and ride hailing. It stands by Korea’s largest business group today, including Samsung, Hyundai, SK and LG, a family-owned conglomerate known as the conglomerate. Last month, a company with 118 affiliates established the blockchain enterprise Krust and the non-profit blockchain platform Klaytn Foundation in Singapore.