Kakao empire loses US$16b as South Korea steps up crackdown

Seoul

KAKAO and its listed subsidiaries have lost more than US$16 billion in market value this month as South Korea ramps up its own version of tech crackdowns.

Kakao itself has shed nearly US$10 billion as foreign and local institutional investors dumped the stock after prominent lawmakers called the nation's biggest messaging and social media service a "a symbol of greed".