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David Morin Sells Chat App Path to South Korea’s Daum Kakao

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Dave Morin, the former Facebook Inc. executive who became an angel investor, agreed to sell the Path social networking application he started in 2010 to Daum Kakao Corp.

Daum Kakao will also buy the Path Talk instant message app with both acquisitions operating as standalone services, Morin said in a blog posting without disclosing a price. Shares of Daum Kakao, which has the most popular communications app in South Korea, surged as much as 13 percent in Seoul.