Kakao empire loses US$16bil as Korea steps up tech crackdown

South Korea's crackdown on its tech giants has cost Kakao and its subsidiaries more than RM66.11bil in market value this month, after the company was dubbed "a symbol of greed.” — Bloomberg

Kakao Corp. and its listed subsidiaries have lost more than US$16bil (RM66.11bil) in market value this month as South Korea ramps up its own version of tech crackdowns.

Kakao itself has shed nearly US$10bil (RM41.32bil) as foreign and local institutional investors dumped the stock after prominent lawmakers called the nation’s biggest messaging and social media service a "a symbol of greed.”