*Photo Source: Yonhap News
Hello, everyone! Today, I’m bringing you some very hot news from the K-pop industry. As you may know, Bang Si-hyuk, the chairman of HYBE and the mastermind behind BTS’s immense success, is now at the center of controversy over a contract that earned him $300 million. Reports reveal that he secured part of the investment profit through HYBE’s IPO, which has raised eyebrows and sparked shock among many.
It has now been revealed that Bang Si-hyuk secretly shared profits with a private equity fund (PEF). The fund, Eastone Equity Partners, played a key role, and it turns out that the fund is managed by a close acquaintance of Bang. After the IPO, the fund sold off a large portion of HYBE shares, causing significant losses for many individual investors. As a result, this incident has led to widespread dissatisfaction and controversy among investors.
So, where did this massive sum of money go? Bang Si-hyuk used part of the profits to acquire more shares to strengthen his control over the company and also planned HYBE’s expansion into the U.S. market. Notably, he spent a significant amount on purchasing a luxury property in Beverly Hills, LA. He even established a real estate corporation, investing around $28 million in acquiring a lavish mansion.
In response, the company explained that in the U.S. entertainment industry, it’s customary for employees to meet and negotiate business matters in residential spaces rather than ordinary restaurants. However, the public is not easily convinced by this explanation.
The key issue here is whether the use of such a large sum of money can be officially justified. The Financial Supervisory Service has announced that it will carefully examine whether any legal violations occurred in this case.
Hello again, everyone! If you've been following the K-pop industry, you’re probably wondering about HYBE’s recent situation. Since the news of Bang Si-hyuk's $300 million secret deal broke, HYBE’s stock price has been on a downward trend. According to the Korea Exchange, HYBE’s stock dropped by 1.13% to $146 on the morning of December 2, compared to the previous trading day.
This is a bitter moment for HYBE, which has long been a leader in the entertainment industry. The controversy stems from the immense profit Bang Si-hyuk earned through his deal with the private equity fund at the time of the IPO. The contract details were not included in the securities filing submitted to financial authorities, leading to further suspicions. As a result, financial regulators have initiated an investigation into the potential legality of the matter.
With other setbacks, such as New Jeans’ recent contract termination, piling up, the uncertainty surrounding HYBE’s stock price may persist. Investors are closely monitoring the news, trying to prevent further losses.
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