"Reflect on the Past That Cursed Innovative Companies"... Tada Founder Upset Over 'K-NVIDIA'

"Despite the Promise to Return Personal Shares to Society...
The Democratic Party Passed the Tada Ban Act"

Lee Jae-woong, the founder of Tada and former CEO of Socar, criticized Lee Jae-myung, the leader of the Democratic Party of Korea, for his so-called 'Korean version of the Nvidia ownership structure' remarks.

Former Socar CEO Lee Jae-woong (left) and Socar CEO Park Jae-wook are entering the Seoul Central District Court in Seocho-gu, Seoul, on the afternoon of the 25th to attend a trial regarding the illegal Tada controversy related to the Passenger Transport Service Act violation. Photo by Moon Ho-nam munonam@

On the 4th, Lee, the former CEO, wrote on Facebook, "Lee said he would create a company like Nvidia and secure 30% of the company's shares to build a society that does not rely on taxes," adding, "Before that, the Democratic Party must reflect on its past when it cursed and hindered innovative companies."

Earlier, on the 2nd, Lee said on the Democratic Party's YouTube broadcast, "If a company like Nvidia emerges in Korea, 70% of it would be owned by the private sector and 30% shared among all citizens, so wouldn't a society that does not have to rely on taxes come?"

He said, "Five years ago, my special relationship shares with 'Tada' were just under 30%. I pleaded with the Democratic Party and the government not to pass laws banning corporate innovation, promising to share those shares with all citizens," adding, "At that time, the Democratic Party recklessly passed the law even in front of an entrepreneur begging not to pass the law, promising to return personal shares to society."

He continued, "Lee was not a member of the National Assembly but the governor of Gyeonggi Province, and I recall he made no comment on the Tada issue," adding, "If the Democratic Party, which cursed innovative companies and entrepreneurs and dealt harshly with companies asking for opportunities by voluntarily sharing their achievements, now says it will secure 30% of the shares without proper reflection, who would believe that sincerity?"

Furthermore, the former CEO said, "Lee, who aims to be president, and the Democratic Party, which holds the majority of seats, must reflect on their past of cursing and hindering innovative companies," adding, "Talking about securing 30% of innovative companies' shares without reflection will, contrary to the intention to support and nurture innovative companies early on, result in discouraging new entrepreneurs and making them avoid doing business in Korea."

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