Table of Contents

• Kakao

• Wiz

Top Stories Today

Economy & Finance

Kakao

South Korean authorities arrested Kim Beom-su, the billionaire founder of Kakao Corp, on charges of stock manipulation during the acquisition of K-Pop agency SM Entertainment last year. Kakao Corp operates South Korea's largest chat app and provides various internet services, including financial technology and entertainment. This legal issue could affect Kakao’s AI investments and global expansion plans. Kim, who holds a 24% stake in Kakao, denies the accusations. His arrest could impact Kakao's control of its online bank arm due to South Korea's financial crime rules. Kakao Corp shares fell 5.4%, while affiliates Kakaopay and Kakao Games hit record lows. Kim's detention will last up to 20 days for further investigation before potential indictment.

Technology

Wiz

Cybersecurity firm Wiz has turned down a $23 billion takeover bid from Alphabet, opting to pursue an IPO as initially planned. CEO Assaf Rappaport cited antitrust and investor concerns as factors in the decision. Wiz aims to reach $1 billion in annual recurring revenue and achieve an IPO. Founded in 2020, the New York-based startup quickly grew, reaching $350 million in revenue last year , and is valued at $12 billion. The company’s cloud security products appeal to large firms and would have helped Google compete with Microsoft. Alphabet's cloud segment faces competition and seeks growth amid the AI boom. Wiz is backed by investors such as Sequoia Capital and Thrive Capital. The decision to reject the deal is seen as a setback for Wiz’s venture backers, who anticipated significant returns.

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