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Crackdown Fears Knock Tech Titan From Top of Korea’s Rich List

  • Kakao founder Kim loses No. 1 spot as company’s shares slide
  • Samsung heir Jay Y. Lee reclaims title of richest Korean
Brian Kim, founder of Kakao
Brian Kim, founder of KakaoSource: Kakao

Brian Kim, the founder of internet giant Kakao Corp., has fallen from the top of South Korea’s rich list after the stock tumbled on fears of a crackdown on the country’s tech giants.

Kim’s fortune has dropped to $10.3 billion, down $4.5 billion from the peak in June, according to the Bloomberg Billionaires Index, after Kakao’s shares lost more than a fifth of their value this month. Samsung heir Jay Y. Lee reclaimed the No. 1 spot with a net worth of $10.7 billion.