Kakao Plunges as Anger Grows Over Mass Outage, Users Switch to Telegram
- ‘Practically national communications infrastructure’: Yoon
- Kakao works on full recovery as major services mostly restored
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Kakao Corp. shares tumbled after a weekend data-center fire disrupted service at the internet giant, intensifying scrutiny of its outsized importance in Korean life.
The company’s stock dropped as much as 9.5% to the lowest since May 2020 before closing 5.9% lower. It was one of the biggest drags on the benchmark Kospi on Monday, along with affiliates Kakaopay Corp. and KakaoBank Corp.