Kakao Corp founder Brian Kim promised to abandon the high-growth model that created Korea’s Internet leader, responding to a furore over how his social media platform is abusing its dominance as “a symbol of greed”.
The billionaire entrepreneur who built Korea’s largest messaging, online finance and ride-hailing services on Tuesday pledged 300bil won (US$256mil or RM1.06bil) to help smaller merchants and to evaluate getting out of businesses that compete with mom-and-pop shops. K Cube Holdings, Kim’s wholly owned investment firm and Kakao’s de facto holding entity, will switch tack and focus on creating “social value” in areas such as education.