South Korean court clears Kakao Corp’s founder Kim Beom-su of stock manipulation charges, boosting shares by 5%. He faced allegations of manipulating SM Entertainment’s stock price in 2023 to hinder competitor Hybe. Prosecutors sought a 15-year jail term. Kim hopes ruling helps Kakao move past shadow of manipulation. Kakao, worth $66.13 billion, operates messaging app used by nearly 50 million Koreans. Kim’s 24% stake in Kakao could have been jeopardized by the outcome. Kakao shares rose 5.1% after the ruling. Analysts see the ruling as easing legal risks for Kakao. Kim’s stake in Kakao could have been restricted if convicted. Kakao was not available for comment.

Read more at Yahoo Finance.: South Korean court clears Kakao founder of stock manipulation charges