Kim Jung-ju explained

Kim Jung-ju
Native Name:김정주
Birth Date:22 February 1968
Birth Place:Seoul, South Korea
Death Place:Hawaii, United States
Education:Seoul National University, KAIST, Korea National University of Arts
Known For:Founding Nexon
CEO of NXC Corporation
Native Name Lang:kr
Other Names:Jay Kim, JJ
Module:
Child:yes
Hangul:김정주
Hanja:金正宙
Rr:Gim Jeong-ju
Mr:Kim Chŏngchu
Koreanipa:pronounced as /ko/
Context:south

Kim Jung-ju (; 22 February 1968 – 28 February 2022), also known as Jay Kim, was a South Korean businessman, investor, and founder of Korea's largest gaming company, Nexon. He was the chairman and CEO of NXC Corporation, the holding company of Nexon, and a partner at Collaborative Fund, a New York-based venture capital firm.

Kim died on 28 February 2022 at the age of 54, while travelling in Hawaii. At the time of his death, he was the third-wealthiest person in Korea.

Early life and education

Kim was born in Seoul on 22 February 1968.[1] He held a B.S. in Computer Science and Engineering from Seoul National University and an M.S. in Electrical Engineering and Computer Science from Korea Advanced Institute of Science and Technology (KAIST), where he taught as adjunct professor in 2011. He also earned an MFA in Arts Management from Korea National University of Arts.[2] [3]

Career

Kim founded Nexon in 1994, while pursuing a doctorate in computer science and engineering at KAIST.[4] Under Kim's leadership, Nexon launched the world's first graphic massively multiplayer online role-playing game (MMORPG), and released popular titles such as MapleStory, KartRider, Mabinogi and Dungeon&Fighter.[5] With offices in Korea, Japan, United States, Europe and Taiwan, Nexon services over 100 online and mobile games to over 190 countries.[6] [7] In 2005, the company moved its headquarters from Seoul, South Korea to Tokyo, Japan and went public on the Tokyo Stock Exchange in 2011. Nexon is valued at over US$13 billion as of March 2019.[8]

In 2009, Kim consolidated his and his family's majority holding of Nexon by establishing NXC Corporation, where he served as CEO until July 2021. He is known for acquiring firms and investing in various fields.[9] Being an avid Lego fan,[10] he purchased Bricklink in 2013, an online marketplace for Lego toys. The website was sold to The Lego Group in 2019.[11] In 2014, NXC acquired Stokke, a premium children's furniture manufacturer[12] and later purchased JetKids to join Stokke in 2018.[13] Other acquisitions include Korbit in 2017[14] and Bitstamp in 2018, both major cryptocurrency exchanges based in South Korea and Europe, respectively.[15] Some of his investments through NXC include SmartStudy, SendBird and OnDemandKorea.[16] In 2019, according to media reports, it was announced that Kim was preparing to sell his controlling stake in NXC Corp for an estimated $9 billion (USD).[17]

In 2014, Kim joined Collaborative Fund as a partner.[18] At the time, Collaborative's founder and managing partner Craig Shapiro welcomed Kim as a “bootstrap” business expert at the firm, as he had built Nexon into a multi-billion dollar business without taking any venture capital investment. Among other contributions, Kim was interested in helping startups expand their businesses outside the US, stating that localization efforts from an early stage can help brands reach a more global audience.[19]

In 2016, Kim was charged with suspicious stock transactions and bribery after giving South Korean prosecutor Jin Kyung-joon more than (US$).[20] According to prosecutors, Kim had given Jin to purchase unlisted Nexon Korea stock in 2005, which Jin then sold for in the following year.[21] Prosecutors also alleged Jin received from Kim for overseas trips.[22] The scandal prompted Kim to issue an apology and resign from Nexon's board of directors in July 2016.

Philanthropy

Kim's philanthropic endeavors largely support next generation youth, especially in the areas of technology, health and education.[23] In 2013, he established Asia's first computer museum, Nexon Computer Museum on Jeju Island in South Korea. He collected valuable computer and gaming collectibles for ten years with the goal of opening such a museum dedicated to the history of technology.[24]

In 2016, NXC, in conjunction with Nexon and Neople, contributed over US$18 million towards the establishment of Korea's first pediatric rehabilitation hospital, Purme Foundation Nexon Children's Rehabilitation Hospital in Seoul, South Korea. In 2018, Kim established the Nexon Foundation, which continues Nexon's corporate social responsibility activities dedicated to children, and he pledged to donate an additional US$93 million from personal wealth to fund startups and build more children's hospitals.[25] In February 2019, the foundation announced its donation of US$9 million in support of a second children's rehabilitation hospital to be built in Daejeon, South Korea. The Daejeon Chungnam Nexon Children's Rehabilitation Hospital, which is expected to complete by September 2022,[26] will be the first public children's rehabilitation hospital in Korea.[27] In October 2020, the foundation announced its donation of (US$)[28] to Seoul National University Hospital (SNUH) to fund the establishment of the Nexon Children's Palliative Care Center, which is set to open in 2022.[29] Kim was recognized in Forbes' Asia's 2021 Heroes of Philanthropy list for his donations to the two children's hospitals.

In addition, Nexon Foundation runs the Nexon Youth Programming Challenge, an annual computer programming event, and the Nexon Small Library project, a network of 130 public libraries created for children in underserved communities.[30] In partnership with Nexon Foundation, Kim founded SOHO Impact, a US-based non-profit organization promoting creativity in kids through brick play programs.[31] He was also a founding board member of C-Program, a venture philanthropy fund jointly established by the founders of Nexon, Naver, Kakao, Daum and NCSoft.[32]

Recognition

Kim was a key figure behind Korea's first-generation tech wave, launching Nexon in 1994 as a game-developing startup and pioneering the freemium gaming business model.[33] In 2010, he was selected as one of Korea's Top 100 Leaders in Technology.[34] In 2012, he received the Presidential Award, Tin Tower Order of Industrial Service Merit for his contributions as a distinguished entrepreneur in South Korea.[35]

In 2013, Forbes ranked Kim as South Korea's 11th richest person, with an estimated net worth of US$1.6 billion.[36] By the end of 2018, he was ranked 5th, with a net worth estimated at US$7.1 billion.[37] At the time of his death at the end of February 2022, he was the third richest person in the country, with an estimated net worth of US$10.7 billion.[38]

Personal life and death

Kim was married to Yoo Jung-Hyun, and together they had two daughters. He died on 28 February 2022, aged 54,[39] [40] while travelling in Hawaii. According to Nexon holding company NXC, which announced Kim's death on 1 March, he had been receiving treatment for depression, which "seemed to have worsened recently".[41] [42]

Notes and References

  1. Web site: Kim . Sohee . Lee . Yoojung . 1 March 2022 . Kim Jung-ju, Founder of Game Developer Nexon, Dies at 54 . 2 March 2022 . Bloomberg . 2 March 2022 . https://web.archive.org/web/20220302062229/https://www.bloomberg.com/news/articles/2022-03-01/game-developer-nexon-s-billionaire-founder-kim-dies-at-54 . live .
  2. Web site: Kim . Jungju . Jungju (Jay) Kim . 2 March 2022 . LinkedIn.
  3. Web site: Kim Jung-ju profile . 2 March 2022 . . en . 29 October 2017 . https://web.archive.org/web/20171029063936/https://www.forbes.com/profile/kim-jung-ju/ . live .
  4. Web site: 2 March 2022 . Kim Jung-ju, Nexon founder and iconoclastic leader, is dead at 54 . 2 March 2022 . . en . 2 March 2022 . https://web.archive.org/web/20220302092153/https://koreajoongangdaily.joins.com/2022/03/02/business/tech/Nexon-Kim-Jungju-obituary/20220302143324233.html . live .
  5. News: Tencent $1 Billion Game Shows Global Hunt for Mobile Hits. Chen. Lulu Yilun. 28 May 2014. Bloomberg News. 4 April 2019. en. 4 April 2019. https://web.archive.org/web/20190404023956/https://www.bloomberg.com/news/articles/2014-05-27/tencent-1-billion-game-shows-global-hunt-for-mobile-hits. live.
  6. News: Nexon, Asia's 'Freemium' PC Game Pioneer, Gets More Mobile. Einhorn. Bruce. 21 August 2019. Bloomberg Businessweek. en. 4 April 2019. 4 April 2019. https://web.archive.org/web/20190404023952/https://www.bloomberg.com/news/articles/2014-08-21/nexon-asias-freemium-pc-game-pioneer-gets-more-mobile. live.
  7. Web site: Nexon Ushers in the Next Generation of MMORPGs on Mobile with AxE: Alliance vs Empire. 16 January 2019. AP NEWS. 4 April 2019. 4 April 2019. https://web.archive.org/web/20190404030748/https://apnews.com/BusinessWire/d8b61788c0654fce90c5997642a4ce80. live.
  8. Web site: 3659:Tokyo Stock Quote - Nexon Co Ltd. Bloomberg. en. 29 March 2019. 4 April 2019. https://web.archive.org/web/20190404023955/https://www.bloomberg.com/quote/3659:JP. live.
  9. Web site: [SUPER RICH] Kim Jung-ju's business investments]. Hong. Seung Hwan. 2 February 2016. The Korea Herald. en. 23 December 2017. 8 November 2017. https://web.archive.org/web/20171108172427/http://www.koreaherald.com/view.php?ud=20160202001153. live.
  10. Web site: BrickLink.com Announcement . 2 March 2022 . www.bricklink.com . 22 October 2021 . https://web.archive.org/web/20211022180440/https://www.bricklink.com/announcement.html . live .
  11. Web site: 28 November 2019 . Nexon founder sells BrickLink to LEGO in streamlining move after botched gaming deal . . 2 March 2022 . 2 March 2022 . https://web.archive.org/web/20220302235039/https://www.mk.co.kr/news/english/view/2019/11/994484/ . live .
  12. News: Korean Firm Buys Norway's Tripp Trapp Chair Maker. Stoll. John D.. 13 December 2013. The Wall Street Journal. 4 April 2019. en-US. 0099-9660. 4 April 2019. https://web.archive.org/web/20190404030304/https://www.wsj.com/articles/korean-firm-buys-norway8217s-tripp-trapp-chair-maker-1386942778. live.
  13. Web site: New in the Stokke family: JetKids and Barnombord. Brechlin. Alexandra. 24 May 2018. Luna Journal. en. 4 April 2019. 4 April 2019. https://web.archive.org/web/20190404030306/https://www.lunajournal.biz/new-stokke-family-jetkids-barnombord/. live.
  14. Web site: Confirmed: Korean crypto exchange Korbit sold to Nexon parent for $80M. Russell. Jon. 28 September 2017. TechCrunch. en. 24 March 2019. 7 March 2022. https://web.archive.org/web/20220307014926/https://techcrunch.com/2017/09/28/nxc-corp-acquires-korbit/. live.
  15. News: European investment firm buys digital exchange Bitstamp in all cash deal. Chavez-Dreyfuss. Gertrude. 29 October 2018. Reuters. 4 April 2019. en. 4 April 2019. https://web.archive.org/web/20190404030304/https://www.reuters.com/article/us-bitcoin-exchange-bitstamp-idUSKCN1N314I. live.
  16. Web site: NXC Corp website: Investments. NXC. 24 March 2019. 4 April 2019. https://web.archive.org/web/20190404030305/https://www.nxc.com/index.php/index/investment%3Fcountry%3DEN. live.
  17. News: Nexon founder to sell controlling stake in gaming company's holding firm. Yang. Heekyong. 2 January 2019. Reuters. 4 April 2019. en. 4 April 2019. https://web.archive.org/web/20190404030300/https://www.reuters.com/article/us-nexon-sale-idUSKCN1OX010. live.
  18. Web site: Collaborative Fund Raises $33 Million Second Fund, Adds Nexon Founder Jay Kim As Venture Partner. Lawler. Ryan. 26 February 2014. TechCrunch. en-US. 24 March 2019. 13 December 2019. https://web.archive.org/web/20191213192634/http://social.techcrunch.com/2014/02/26/collaborative-fund-33m-jay-kim/. live.
  19. Web site: Collaborative Fund's Jungju "Jay" Kim Encourages Startups to Raise Capital Carefully (Not Because They Can). Kolodny. Lora. 7 April 2014. WSJ. en-US. 5 April 2019. 23 October 2015. https://web.archive.org/web/20151023131424/http://blogs.wsj.com/venturecapital/2014/04/07/collaborative-funds-jungju-jay-kim-encourages-startups-to-raise-capital-carefully-not-because-they-can/. live.
  20. Web site: Ji-young . Sohn . 29 July 2016 . Nexon founder steps down from board amid corruption scandal . 3 March 2022 . . en . 3 March 2022 . https://web.archive.org/web/20220303001741/http://www.koreaherald.com/view.php?ud=20160729000733 . live .
  21. News: Sang-Hun . Choe . 17 July 2016 . Top South Korean Prosecutor Arrested on Charges He Accepted Bribes . en-US . . 3 March 2022 . 0362-4331 . 3 March 2022 . https://web.archive.org/web/20220303001741/https://www.nytimes.com/2016/07/18/world/asia/top-south-korean-prosecutor-arrested-on-charges-that-he-accepted-bribes.html . live .
  22. News: Jung-a . Song . 29 July 2016 . Corruption scandal transfixes South Korea . Financial Times . 3 March 2022 . 3 March 2022 . https://web.archive.org/web/20220303001741/https://www.ft.com/content/70b2be64-555e-11e6-9664-e0bdc13c3bef . live .
  23. Web site: Nexon Foundation launches to support children in Korea and abroad. Sohn. Jiyoung. 27 February 2018. The Korea Herald. en. 26 February 2018. 27 February 2018. https://web.archive.org/web/20180227090354/http://www.koreaherald.com/view.php?ud=20180227000731. live.
  24. Web site: Korea's first computer museum to open on Jeju. Kwon. Bum-joon. 8 July 2013. The Korea Herald. en. 24 March 2019. 4 April 2019. https://web.archive.org/web/20190404044830/http://www.koreaherald.com/view.php?ud=20130708000707. live.
  25. Web site: Nexon founder Kim Jung-ju pledges society donation of $93 million. Lee. Sun-hee. 29 May 2018. Pulse by Maeil Business News Korea. en. 5 February 2019. 7 March 2022. https://web.archive.org/web/20220307014923/https://pulsenews.co.kr/view.php?year=2018&no=340558. live.
  26. Web site: 22 December 2020 . 넥슨 '대전 어린이재활병원' 2022년 문 연다…100억 기금 기부 . 5 March 2022 . 데일리안 . ko . 5 March 2022 . https://web.archive.org/web/20220305201312/https://www.dailian.co.kr/news/view/948949 . live .
  27. Web site: [리포트]넥슨, 공공어린이 병원에 100억 기부 ]. https://web.archive.org/web/20190404023106/http://tjmbc.co.kr/000006/view/id/117439 . 4 April 2019 . 4 April 2019 . . ko.
  28. Web site: 넥슨재단 . 4 March 2022 . nexonfoundation.org . 4 March 2022 . https://web.archive.org/web/20220304220533/https://nexonfoundation.org/Business?category=3 . live .
  29. Web site: Watson . Rana Wehbe . ASIA'S 2021 HEROES OF PHILANTHROPY . 15 December 2021 . . en . 14 December 2021 . https://web.archive.org/web/20211214212013/https://www.forbes.com/sites/ranawehbe/2021/12/13/asias-2021-heroes-of-philanthropy/ . live .
  30. Web site: Nexon Foundation website. 31 March 2019. Nexon Foundation. 4 April 2019. 4 April 2019. https://web.archive.org/web/20190404072537/https://nexonfoundation.org/?lang=en. live.
  31. Web site: Leaders In Creative Play Movement To Engage Over 75,000 Kids Across LAUSD.... 5 October 2018. PR Newswire. en. 4 April 2019. 4 April 2019. https://web.archive.org/web/20190404023105/https://www.prnewswire.com/news-releases/leaders-in-creative-play-movement-to-engage-over-75-000-kids-across-lausd-and-host-global-cardboard-challenge-with-founder-of-caines-arcade-300725326.html. live.
  32. Web site: C-Program website: Who we are. 24 March 2019. C-Program. ko. 4 April 2019. 4 April 2019. https://web.archive.org/web/20190404023105/http://c-program.org/whoweare. live.
  33. News: Bloomberg Billionaires Index - Kim Jungju. Bloomberg. 4 April 2019. en. 4 April 2019. https://web.archive.org/web/20190404023106/https://www.bloomberg.com/billionaires/profiles/jungju-kim/. live.
  34. Web site: NEXON Corporation website: About Us. Nexon. 24 March 2019. 4 April 2019. https://web.archive.org/web/20190404023110/http://company.nexon.com/Eng/Company/AboutUs/Awards/0709/Awards_0709.aspx. live.
  35. Web site: [스타트업이 미래다]2012 벤처창업대전 화려한 폐막]. 3 December 2012. ET News. ko. 4 April 2019. 4 April 2019. https://web.archive.org/web/20190404023108/http://www.etnews.com/201212030059%3FSNS%3D00002. live.
  36. Web site: South Korea's 50 Richest List - 2013 . . 5 March 2022 . 28 April 2013 . web.archive.org . 28 April 2013. https://web.archive.org/web/20130428043816/https://www.forbes.com/korea-billionaires/list/ .
  37. Web site: Korea's 50 Richest People - 31 December 2018 . . 5 March 2022 . 31 December 2018 . web.archive.org . 31 December 2018. https://web.archive.org/web/20181231081334/https://www.forbes.com/korea-billionaires/list/ .
  38. Web site: Korea's 50 Richest List - 28 February 2022 . . 5 March 2022 . https://web.archive.org/web/20220228130134/https://www.forbes.com/korea-billionaires/list/ . 28 February 2022 . web.archive.org . 28 February 2022.
  39. Web site: Hyeong-woo . Kan . 2022-03-01 . Nexon founder Kim Jung-ju dies at 54 . 2022-03-06 . . en . "Nexon’s holding company NXC said Tuesday evening that Kim died in Hawaii, US, on Feb. 28." . 3 March 2022 . https://web.archive.org/web/20220303172414/http://www.koreaherald.com/view.php?ud=20220301000369 . live .
  40. Web site: Takahashi . Dean . 1 March 2022 . Nexon founder Jung-Ju Kim passes away at 54 . 2 March 2022 . VentureBeat . en-US . 2 March 2022 . https://web.archive.org/web/20220302000443/https://venturebeat.com/2022/03/01/nexon-founder-jung-ju-kim-passes-away-at-54/ . live .
  41. Web site: 1 March 2022 . Nexon founder Kim Jung-ju dies . 2 March 2022 . . en . 1 March 2022 . https://web.archive.org/web/20220301163732/https://www.koreatimes.co.kr/www/tech/2022/03/419_324771.html . live .
  42. Web site: South Korean gaming co Nexon founder Jung-ju Jay Kim dies . 2 March 2022 . TechCrunch . en-US . 7 March 2022 . https://web.archive.org/web/20220307014931/https://techcrunch.com/2022/03/01/south-korean-gaming-company-nexon-founder-jung-ju-jay-kim-has-passed-away-at-age-54/ . live .

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