Cocoa founder Kim Beom-su, for the first time topped the list of Korea's richest people this year. His total net worth is USD 9.6 billion.
In March this year, the 56-year-old announced that he was stepping down as chairman at the company, following a controversy that weighed on the stock, as the pandemic situation fueled huge demand for social services and fintech Kakao.
Net profit jumped nearly 850% to 1.6 trillion won in 2021 from a year earlier with a 48% increase in sales to 6.1 trillion won.
Cocoa is included in the ranks of Korean chaebols (large industrial conglomerates) as the sixth largest public company in South Korea, with a market capitalization of USD 34 billion.
Beom-su, an independent entrepreneur, launched this most popular messaging app in Korea in 2010. Subsequently, Cocoa's business expanded into various sectors, including payments, banking, gaming, and online transportation services.
In September, the country's antitrust regulator launched an investigation into Kim and his parent company K Cube for potential fair trade violations.
Three months later, reports emerged that authorities were investigating claims by civil society groups that Kim had evaded $740 million in taxes. Kakao denied the allegations, which they said were completely unfounded, and in March the allegations were dismissed by Korea's national tax agency.
Amid fears of mounting regulatory pressure, Kakao postponed listing its fintech unit Kakao Pay until last November, when it raised USD 1.3 billion, and indefinitely pushed back the IPO of the Kakao Mobility app.
In March, Beom-su signed the Giving Pledge to donate more than half of his personal assets to society. He said he now plans to focus on expanding Cocoa's global business.
