Opposition Criticism of Platforms... Naver and Kakao Market Cap Drops Over 12 Trillion Won

Song Young-gil, leader of the Democratic Party of Korea, is attending the Supreme Council meeting held at the National Assembly on the 6th and delivering opening remarks. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Ji Yeon-jin] As the ruling party unleashed sharp criticism against the platform company Kakao, the corporate values of the platform giants NAVER and Kakao have dropped by more than 12 trillion won.

As of 2:40 PM on the 8th, Kakao's market capitalization on the Korea Exchange fell by more than 10% compared to the previous day, recording 6.13695 trillion won. From the previous closing market cap of 6.84848 trillion won, it decreased by 711.53 billion won, pushing it down to 5th place in the KOSPI market cap rankings. Later, as Samsung Biologics' decline deepened, Kakao reclaimed 4th place in market cap.

At the same time, NAVER also plunged by more than 7% compared to the previous day, with its market cap dropping to 67.2658 trillion won, down approximately 574.92 billion won from the previous day's 73.015 trillion won.

Earlier, on the previous day, Song Young-gil, leader of the Democratic Party of Korea, stated, "Kakao, which prides itself as an innovative company, must not follow the path of past large corporations that ignored fairness and coexistence and pursued profit alone."

Leader Song made these remarks in a written congratulatory message at the 'Discussion on Measures to Eradicate Unfair Trade by Platform Giants: The Octopus-like Expansion of the Dinosaur Kakao,' hosted by Democratic Party lawmakers Song Gap-seok and Lee Dong-joo.

Yoon Ho-jung, the Democratic Party floor leader, also said, "Every move by Kakao, from abusing its position over tenant companies to entering neighborhood markets and attempting to raise service prices, is causing great concern," adding, "The Democratic Party will never overlook this situation," signaling upcoming regulations.

This content was produced with the assistance of AI translation services.