The recent plunge in stock price of South Korea’s platform giant Kakao Corp. has wiped out 2.6 trillion won ($2.2 billion) in net worth of Kakao founder and Chairman Kim Beom-su.

The value of stock holding assets by 38 business group leaders out of 50 in South Korea fell 12.6 percent from 60.8 trillion won at the end of June to 53.12 trillion won in late September, according to local market researcher CXO Institute on Tuesday.

Kakao Chairman Kim saw the biggest loss of 2.66 trillion won in his stock asset value from 9.6 trillion won in late June to 6.98 trillion won in end-Sept. Kakao shares lost 27.6 percent from 163,000 won on June 30 to 118,000 won on Sept.30, hit hard by criticism of monopolistic presence and tightened scrutiny over its sprawling business.

Samsung Electronics Vice Chairman Jay Y. Lee witnessed the second steepest fall in his stock holding value by 1.38 trillion won over the same period, followed by AmorePacific Chairman Suh Kyung-bae 1.35 trillion won and Hyundai Motor Group Chairman Chung Eui-sun 750 billion won.

KCC Group Chairman Chung Mong-jin enjoyed the largest increase in the value of stock holdings by 126.2 billion won during the same period from 597.6 billion won to 723.8 billion won. He was followed by OCI Vice Chairman Lee Woo-hyun who added 52.3 billion won, Youngpoong Chairman Chang Hyung-jin 50.8 billion won, Kolon Honorary Chairman Lee Woong-ryeol 44.8 billion won.

OCI’s Lee recorded the fastest growth at 37 percent in the stock holding value in the third quarter, while AmorePacific’s Suh saw the sharpest fall at 29.1 percent.

Meanwhile,12 leaders joined the 1 trillion won stock-rich club as of the end of September.

Samsung’s Lee was the wealthiest with his stock holdings valued at 14.16 trillion won as of Sept.30.

Kakao’s Kim made the second in stock-rich ranking with value standing at 6.98 trillion won, followed by SK Group Chairman Chey Tae-won with 3.48 trillion won, Hyundai Motor’s Chung 3.47 trillion won and AmorePacific’s Suh 3.29 trillion won.

By Pulse

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