"Moon Administration Should Thank Kakao"…Kakao Shareholder Posts Petition on Blue House Website

"Don't Kill Kakao!"... Blue House Petition Gains Attention
"Do Not Denigrate Kakao as a Monopoly"

Photo by Kakao homepage screen capture.

[Asia Economy Reporter Heo Midam] As Kakao faces pressure from the political sphere and others over allegations of infringing on local businesses, a petition titled "Don't Make Kakao a Political Sacrifice" gained attention on the 15th.

On that day, a petition titled "Don't Kill Kakao!" was posted on the Blue House National Petition Board. As of 1 PM on the 16th, the petition had received over 2,140 endorsements.

The petitioner, who identified themselves as both a Kakao user and shareholder, began by saying, "I don't know much about stocks and I'm not an expert, but I like Kakao, which I use familiarly, so I have been buying and holding Kakao shares little by little as I saved money."

They continued, "Kakao's stock is not a high-flying stock but rather a steadily rising stock similar to the American 'Google,' making it a good stock for ordinary small investors like me to look to the future and grow together without great risk."

They pointed out, "This stock, which had been growing well without major problems and with no issues in performance, is now collapsing due to a few words from government and ruling party lawmakers and a single remark from the Financial Services Commission chairman," adding, "Is it really appropriate for a stock market where stocks owned by more than 2 million shareholders collapse at the political word of a single person? Is the Republic of Korea truly a capitalist country? Or is it a communist government like China?"

The petitioner also listed various Kakao services, saying, "Kakao has many services that young IT people use because their ideas sparkle and are fascinating." They added, "Kakao has played a huge role in making the lives of Korean citizens easier over the past five years, so why is it suddenly being labeled as a monopoly company?"

Photo by Blue House, screenshot of the National Petition Board.

They went on, "The Moon Jae-in administration should really be thankful to Kakao and Naver. Even now, during the ongoing COVID-19 era, if platform companies like Kakao, Naver, and Coupang did not exist, would the Korean government's much-praised K-quarantine have been possible?" They sharply criticized, "When needed, the government reaches out to companies, but when it comes to winning votes, it mercilessly tramples on a single company."

Furthermore, they said, "If platform companies like Kakao and Naver are made political sacrifices like this, what kind of follow-up platform companies will emerge?" and criticized, "A regime that crushes corporate spirit and turns companies into political sacrifices is a traitorous group."

In conclusion, the petitioner appealed, "Not only local merchants are citizens, but also the 4 million shareholders who have invested their hard-earned money in Kakao and Naver are citizens of the Republic of Korea," adding, "Please do not disparage Kakao, which has provided so much convenience to the people, as a monopoly company, and do not destroy the world that the young generation of this country dreamed of."

Previously, Kakao faced controversy over infringing on local businesses as it continuously entered small business sectors that are hard to consider as large corporate business areas. When Kakao expanded into sectors such as designated driver services, hair salons, nail shops, indoor golf practice ranges, English education, flower delivery, and quick services, some criticized it as "excessive."

As the controversy grew, Kakao held a general meeting on the 14th with representatives from major affiliates and announced plans to △withdraw from businesses involved in local business controversies and reorganize around innovative businesses △establish a 300 billion KRW fund over five years to expand partner support △focus on creating social value through K-Cube Holdings, thereby strengthening social responsibility.

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