Nexon, South Korea’s largest gaming company, is selling 98.64 percent of its stock.
The stock for sale is worth an estimated 10 billion dollars.
You may know Nexon as the publisher for popular online games such as Maple Story and Mabinogi. They also published the very unpopular Lawbreakers.
According to Hanyung, Nexon’s founder, Kim Jung-ju, currently owns a total of 64.49 percent of the shares, his wife, Yoo Jung-hyun, owns 29.43 percent, and Kim’s own personal company, Wisekids, owns 1.72 percent.
A source tekks Hanyung that Kim is selling due to being tired of increased regulations and a long legal battle over alleged corruption in which Kim was found innocent.
Nexon issued the following statement regarding these claims:
The reports about CEO Kim Jung-ju looking to sell his shares because of increasing regulations and mentioning about being tired from regulations is different from the truth. We are in the process of verifying the sales and it’s taking a bit of time because of issues with our official announcement. Regardless of that fact, we are trying to make an announcement about this as soon as possible but it may be in the days that follow.