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- Alan02Alan02
  ·2021-07-30
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  Amazon sales growth slows in tame start to Jassy's tenure as CEO
  -Amazon.com Inc on Thursday said sales growth would decelerate in the third quarter as customers leave their homes more, a slow start to the reign of CEO Andy Jassy after 27 years with Jeff Bezos at the retailer’s helm.A year into the throes of the COVID-19 pandemic, Amazon’s financial luster is fading slightly. When brick-and-mortar stores closed, Amazon posted record profits, drew more than 200 million Prime loyalty subscribers, and recruited over 500,000 workers to keep up with surging deman
  Amazon sales growth slows in tame start to Jassy's tenure as CEO
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- Alan02Alan02
  ·2021-07-30
  Nice
  Tycoon’s $6 Billion Surge Unseats Samsung Heir as Richest Korean
  (Bloomberg) -- Brian Kim, the founder of South Korean messaging giant Kakao Corp., has seen his fort
  Tycoon’s $6 Billion Surge Unseats Samsung Heir as Richest Korean
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When brick-and-mortar stores closed, Amazon posted record profits, drew more than 200 million Prime loyalty subscribers, and recruited over 500,000 workers to keep up with surging deman","content":"<p>(Reuters) -Amazon.com Inc on Thursday said sales growth would decelerate in the third quarter as customers leave their homes more, a slow start to the reign of CEO Andy Jassy after 27 years with Jeff Bezos at the retailer’s helm.</p>\n<p>Shares fell 7% in after-hours trade.</p>\n<p>A year into the throes of the COVID-19 pandemic, Amazon’s financial luster is fading slightly. When brick-and-mortar stores closed, Amazon posted record profits, drew more than 200 million Prime loyalty subscribers, and recruited over 500,000 workers to keep up with surging demand.</p>\n<p>Now, the company is facing the tough task of climbing higher still. While revenue grew 44% in the first quarter of this year, that figure dropped to 27% for the period ended June 30. Sales may only grow as much as 16% in the third quarter, Amazon said.</p>\n<p>Brian Olsavsky, Amazon’s chief financial officer, attributed this to a difficult comparison to last year, when consumers stayed more indoors and relied on e-commerce for their everyday needs. In the United States and Europe, customers are now out and about.</p>\n<p>They are “doing other things besides shopping,” he said.</p>\n<p>Amazon expects this lower growth to continue for the next few quarters, Olsavsky told reporters.</p>\n<p>The outlook comes just after Jassy inherited Amazon’s top job on July 5, which has never been bigger or more complex. Last quarter Amazon announced a deal to buy the film studio MGM for $8.5 billion, expanding in Hollywood at the same time as it is running a grocery chain, building a healthcare business and facing scrutiny from regulators worldwide.</p>\n<p>Olsavsky said the company hopes COVID-19 will subside and that the economy will continue to bounce back, but it will require masks for vaccinated staff if that becomes necessary.</p>\n<p>While other tech companies this week such as Alphabet Inc and Facebook Inc announced they will require vaccines for workers returning to their offices, Amazon has yet to announce a vaccine requirement for employees in its offices -- or warehouse workers and drivers.</p>\n<p>Amazon has grappled with workplace tumult in recent months, including staff protests over pandemic safety precautions and a high-profile, failed unionization bid in a facility in Bessemer, Alabama.</p>\n<p>Brian Yarbrough, an analyst with Edward Jones, said it was “not feasible” for Amazon to maintain its growth.</p>\n<p>“No doubt, online retail will probably slow down to that growth somewhere in the 10%-12% range. It’s still phenomenal growth when you think of the sheer size of the business,” he said. “Obviously the pandemic helped them, but they’re not going to be able to grow that rapidly on top of those numbers.”</p>\n<p>LABOR SHORTAGE</p>\n<p>Revenue was $113 billion for the second quarter, shy of analysts’ average estimate of $115 billion.</p>\n<p>The world’s biggest online retailer had moved its annual marketing blitz, Prime Day, to June this year, hoping to peddle more goods before shoppers left town on summer vacations. While it said the event was the biggest two-day sales period ever for merchants on its platform, analysts have witnessed signs of slowing demand.</p>\n<p>North America, Amazon’s largest market, saw sales increase only 22% in the second quarter, versus 43% in the same period a year earlier.</p>\n<p>Amazon Web Services was a bright spot, however. The cloud computing division that Jassy formerly ran grew revenue 37% to $14.8 billion, ahead of estimates of more than $14.1 billion. Among the deals it inked in the just-ended quarter was an agreement with Canada’s BMO Financial Group.</p>\n<p>Profit rose 48% to $7.8 billion, the second-largest quarterly result Amazon ever announced.</p>\n<p>Still, enormous challenges come with Amazon’s size.</p>\n<p>Costs continue to rise, not just from the $200 million in extra stock Amazon plans to pay Jassy over the next 10 years. The company has offered an average $17 in hourly wages - more than double the U.S. minimum - plus signing bonuses to attract 75,000 workers during a labor shortage.</p>\n<p>It has said it planned to hike pay for over half a million employees, costing more than $1 billion, and like other companies, it is facing clogged ports and other disruptions to the transportation supply chain.</p>\n<p>The No.2 U.S. employer this winter became a rallying point for organized labor, which wanted to form Amazon’s first U.S. union and inspire similar efforts across the country. Amazon is awaiting a decision on whether a U.S. National Labor Board director will overturn its landslide victory in the Bessemer, Alabama union election and call for a rerun.</p>\n<p>Following the April vote count, Bezos said he aimed to make Amazon a better place to work. It is unclear how he will govern from the sidelines in the role of executive chair of Amazon’s board.</p>\n<p>Amazon said it expects operating income for the current quarter to be between $2.5 billion and $6.0 billion, which assumes $1 billion in costs related to COVID-19.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Amazon sales growth slows in tame start to Jassy's tenure as CEO</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAmazon sales growth slows in tame start to Jassy's tenure as CEO\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-30 07:06 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.reuters.com/article/amazoncom-results/update-4-amazon-sales-growth-slows-in-tame-start-to-jassys-tenure-as-ceo-idUSL4N2P53XQ><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Reuters) -Amazon.com Inc on Thursday said sales growth would decelerate in the third quarter as customers leave their homes more, a slow start to the reign of CEO Andy Jassy after 27 years with Jeff ...</p>\n\n<a href=\"https://www.reuters.com/article/amazoncom-results/update-4-amazon-sales-growth-slows-in-tame-start-to-jassys-tenure-as-ceo-idUSL4N2P53XQ\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊"},"source_url":"https://www.reuters.com/article/amazoncom-results/update-4-amazon-sales-growth-slows-in-tame-start-to-jassys-tenure-as-ceo-idUSL4N2P53XQ","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105519179","content_text":"(Reuters) -Amazon.com Inc on Thursday said sales growth would decelerate in the third quarter as customers leave their homes more, a slow start to the reign of CEO Andy Jassy after 27 years with Jeff Bezos at the retailer’s helm.\nShares fell 7% in after-hours trade.\nA year into the throes of the COVID-19 pandemic, Amazon’s financial luster is fading slightly. When brick-and-mortar stores closed, Amazon posted record profits, drew more than 200 million Prime loyalty subscribers, and recruited over 500,000 workers to keep up with surging demand.\nNow, the company is facing the tough task of climbing higher still. While revenue grew 44% in the first quarter of this year, that figure dropped to 27% for the period ended June 30. Sales may only grow as much as 16% in the third quarter, Amazon said.\nBrian Olsavsky, Amazon’s chief financial officer, attributed this to a difficult comparison to last year, when consumers stayed more indoors and relied on e-commerce for their everyday needs. In the United States and Europe, customers are now out and about.\nThey are “doing other things besides shopping,” he said.\nAmazon expects this lower growth to continue for the next few quarters, Olsavsky told reporters.\nThe outlook comes just after Jassy inherited Amazon’s top job on July 5, which has never been bigger or more complex. Last quarter Amazon announced a deal to buy the film studio MGM for $8.5 billion, expanding in Hollywood at the same time as it is running a grocery chain, building a healthcare business and facing scrutiny from regulators worldwide.\nOlsavsky said the company hopes COVID-19 will subside and that the economy will continue to bounce back, but it will require masks for vaccinated staff if that becomes necessary.\nWhile other tech companies this week such as Alphabet Inc and Facebook Inc announced they will require vaccines for workers returning to their offices, Amazon has yet to announce a vaccine requirement for employees in its offices -- or warehouse workers and drivers.\nAmazon has grappled with workplace tumult in recent months, including staff protests over pandemic safety precautions and a high-profile, failed unionization bid in a facility in Bessemer, Alabama.\nBrian Yarbrough, an analyst with Edward Jones, said it was “not feasible” for Amazon to maintain its growth.\n“No doubt, online retail will probably slow down to that growth somewhere in the 10%-12% range. It’s still phenomenal growth when you think of the sheer size of the business,” he said. “Obviously the pandemic helped them, but they’re not going to be able to grow that rapidly on top of those numbers.”\nLABOR SHORTAGE\nRevenue was $113 billion for the second quarter, shy of analysts’ average estimate of $115 billion.\nThe world’s biggest online retailer had moved its annual marketing blitz, Prime Day, to June this year, hoping to peddle more goods before shoppers left town on summer vacations. While it said the event was the biggest two-day sales period ever for merchants on its platform, analysts have witnessed signs of slowing demand.\nNorth America, Amazon’s largest market, saw sales increase only 22% in the second quarter, versus 43% in the same period a year earlier.\nAmazon Web Services was a bright spot, however. The cloud computing division that Jassy formerly ran grew revenue 37% to $14.8 billion, ahead of estimates of more than $14.1 billion. Among the deals it inked in the just-ended quarter was an agreement with Canada’s BMO Financial Group.\nProfit rose 48% to $7.8 billion, the second-largest quarterly result Amazon ever announced.\nStill, enormous challenges come with Amazon’s size.\nCosts continue to rise, not just from the $200 million in extra stock Amazon plans to pay Jassy over the next 10 years. The company has offered an average $17 in hourly wages - more than double the U.S. minimum - plus signing bonuses to attract 75,000 workers during a labor shortage.\nIt has said it planned to hike pay for over half a million employees, costing more than $1 billion, and like other companies, it is facing clogged ports and other disruptions to the transportation supply chain.\nThe No.2 U.S. employer this winter became a rallying point for organized labor, which wanted to form Amazon’s first U.S. union and inspire similar efforts across the country. Amazon is awaiting a decision on whether a U.S. National Labor Board director will overturn its landslide victory in the Bessemer, Alabama union election and call for a rerun.\nFollowing the April vote count, Bezos said he aimed to make Amazon a better place to work. It is unclear how he will govern from the sidelines in the role of executive chair of Amazon’s board.\nAmazon said it expects operating income for the current quarter to be between $2.5 billion and $6.0 billion, which assumes $1 billion in costs related to COVID-19.","news_type":1},"isVote":1,"tweetType":1,"viewCount":129,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":808429359,"gmtCreate":1627606905071,"gmtModify":1703493195462,"author":{"id":"4088728779313290","authorId":"4088728779313290","name":"Alan02","avatar":"https://static.tigerbbs.com/ad3fe055bf462fff4dde6fa83c10b907","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088728779313290","authorIdStr":"4088728779313290"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/808429359","repostId":"2155180828","repostType":4,"repost":{"id":"2155180828","kind":"news","pubTimestamp":1627606756,"share":"https://ttm.financial/m/news/2155180828?lang=&edition=fundamental","pubTime":"2021-07-30 08:59","market":"us","language":"en","title":"Tycoon’s $6 Billion Surge Unseats Samsung Heir as Richest Korean","url":"https://stock-news.laohu8.com/highlight/detail?id=2155180828","media":"Bloomberg","summary":"(Bloomberg) -- Brian Kim, the founder of South Korean messaging giant Kakao Corp., has seen his fort","content":"<p>(Bloomberg) -- Brian Kim, the founder of South Korean messaging giant Kakao Corp., has seen his fortune jump by more than $6 billion this year, propelling him to the top of the country’s wealth ranking.</p>\n<p>Kim is now worth $13.5 billion, according to the Bloomberg Billionaires Index, after Kakao shares rose 90% in 2021 alone. South Korea’s second-richest person, Samsung heir Jay Y. Lee, has a net worth of $12.3 billion.</p>\n<p>It’s an example of how self-made technology entrepreneurs are climbing the rich list in South Korea, passing members of families that control the country’s decades-old conglomerates. It also shows the power of initial public offerings: Kakao’s stock has been rising as its subsidiaries sell -- or plan to sell -- shares.</p>\n<p>“Expectations have built up ahead of the listings of Kakao’s key units,” said Hyunyong Kim, an analyst at Hyundai Motor Securities Co. in Seoul. “Kakao’s strategy has been to expand its business rapidly by aggressively attracting investment. IPOs are the smoothest and most surefire way.”</p>\n<p>Kakao confirmed the value of Kim’s holding, excluding shares he pledged as collateral.</p>\n<p>Online lender KakaoBank Corp., in which Kakao has a 32% stake, is set to go public next month. The company will raise 2.6 trillion won ($2.3 billion) after pricing at the top of a marketed range.</p>\n<p>It comes after gaming unit Kakao Games Corp. raised 384 billion won in a September IPO.</p>\n<p>Kakao Pay Corp., the country’s largest online-payments service, was scheduled to debut on Aug. 12, but the listing was delayed after the Financial Supervisory Service, a regulator, asked it to revise its prospectus.</p>\n<p>Kim set up Kakao’s predecessor, Iwilab, in 2006 and launched KakaoTalk four years later. The messenger service has about 53 million users globally, 88% of whom are in the domestic market, according to a company filing in May.</p>\n<p>Kakao has expanded far beyond mobile messaging, with businesses in areas from payments and banking to gaming and ride-hailing. It’s now the fourth-biggest company listed in South Korea, with a market value of about $58 billion.</p>\n<p>The pandemic helped spur demand for Kakao’s mobile-platform services as people reduced face-to-face interactions, according to Kim of Hyundai Motor Securities. Profit tripled to about $209 million in the first three months of 2021 compared with a year earlier.</p>\n<p>More IPOs are expected to follow at Kakao as the ride-hailing, entertainment and Japan business units also plan to go public, according to a research report by Sung Jonghwa, an analyst at eBest Investment &amp; Securities Co. in Seoul.</p>\n<p>Kakao said Kakao Japan Corp. is working with Nomura Holdings Inc. for an IPO but the schedule hasn’t been decided. The company said that while people in the industry expect other units to go public, nothing has been determined.</p>\n<p>Kim, 55, comes from a humble background, at <a href=\"https://laohu8.com/S/AONE.U\">one</a> time sharing a room with seven family members. He was the first of his siblings to attend college, studying at the prestigious Seoul National University, where he offered private tutoring to help pay his tuition.</p>\n<p>He has signed the Giving Pledge initiative started by Warren Buffett, Bill Gates and Melinda French Gates, promising to donate most of his fortune to help solve social issues.</p>\n<p>“Having grown up in poverty, up until my 30s, I regarded ‘becoming rich’ the sole measure of a successful life,” Kim wrote in a statement in March when he took the pledge. “However, after having achieved the wealth that I had aimed for, I was left feeling rudderless and lacking direction.”</p>","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tycoon’s $6 Billion Surge Unseats Samsung Heir as Richest Korean</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTycoon’s $6 Billion Surge Unseats Samsung Heir as Richest Korean\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-30 08:59 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/tycoon-6-billion-surge-unseats-002016592.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Bloomberg) -- Brian Kim, the founder of South Korean messaging giant Kakao Corp., has seen his fortune jump by more than $6 billion this year, propelling him to the top of the country’s wealth ...</p>\n\n<a href=\"https://finance.yahoo.com/news/tycoon-6-billion-surge-unseats-002016592.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NMR":"野村控股","SSNLF":"三星电子","N33.SI":"Nomura Yen1k"},"source_url":"https://finance.yahoo.com/news/tycoon-6-billion-surge-unseats-002016592.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2155180828","content_text":"(Bloomberg) -- Brian Kim, the founder of South Korean messaging giant Kakao Corp., has seen his fortune jump by more than $6 billion this year, propelling him to the top of the country’s wealth ranking.\nKim is now worth $13.5 billion, according to the Bloomberg Billionaires Index, after Kakao shares rose 90% in 2021 alone. South Korea’s second-richest person, Samsung heir Jay Y. Lee, has a net worth of $12.3 billion.\nIt’s an example of how self-made technology entrepreneurs are climbing the rich list in South Korea, passing members of families that control the country’s decades-old conglomerates. It also shows the power of initial public offerings: Kakao’s stock has been rising as its subsidiaries sell -- or plan to sell -- shares.\n“Expectations have built up ahead of the listings of Kakao’s key units,” said Hyunyong Kim, an analyst at Hyundai Motor Securities Co. in Seoul. “Kakao’s strategy has been to expand its business rapidly by aggressively attracting investment. IPOs are the smoothest and most surefire way.”\nKakao confirmed the value of Kim’s holding, excluding shares he pledged as collateral.\nOnline lender KakaoBank Corp., in which Kakao has a 32% stake, is set to go public next month. The company will raise 2.6 trillion won ($2.3 billion) after pricing at the top of a marketed range.\nIt comes after gaming unit Kakao Games Corp. raised 384 billion won in a September IPO.\nKakao Pay Corp., the country’s largest online-payments service, was scheduled to debut on Aug. 12, but the listing was delayed after the Financial Supervisory Service, a regulator, asked it to revise its prospectus.\nKim set up Kakao’s predecessor, Iwilab, in 2006 and launched KakaoTalk four years later. The messenger service has about 53 million users globally, 88% of whom are in the domestic market, according to a company filing in May.\nKakao has expanded far beyond mobile messaging, with businesses in areas from payments and banking to gaming and ride-hailing. It’s now the fourth-biggest company listed in South Korea, with a market value of about $58 billion.\nThe pandemic helped spur demand for Kakao’s mobile-platform services as people reduced face-to-face interactions, according to Kim of Hyundai Motor Securities. Profit tripled to about $209 million in the first three months of 2021 compared with a year earlier.\nMore IPOs are expected to follow at Kakao as the ride-hailing, entertainment and Japan business units also plan to go public, according to a research report by Sung Jonghwa, an analyst at eBest Investment & Securities Co. in Seoul.\nKakao said Kakao Japan Corp. is working with Nomura Holdings Inc. for an IPO but the schedule hasn’t been decided. The company said that while people in the industry expect other units to go public, nothing has been determined.\nKim, 55, comes from a humble background, at one time sharing a room with seven family members. He was the first of his siblings to attend college, studying at the prestigious Seoul National University, where he offered private tutoring to help pay his tuition.\nHe has signed the Giving Pledge initiative started by Warren Buffett, Bill Gates and Melinda French Gates, promising to donate most of his fortune to help solve social issues.\n“Having grown up in poverty, up until my 30s, I regarded ‘becoming rich’ the sole measure of a successful life,” Kim wrote in a statement in March when he took the pledge. “However, after having achieved the wealth that I had aimed for, I was left feeling rudderless and lacking direction.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":131,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"followers","isTTM":true}