Korean Billionaire Kim Jung-Ju, Founder Of Online Gaming Pioneer Nexon, Dies At 54

Kim Jung-Ju had a humble beginning and did not make it to Korea’s list of rich personalities until 2007 when he was ranked at No. 28 with a net worth of $590 million, while his accession to Forbes billionaire list came in 2011 when his company moved its headquarters from Seoul and got listed on the Tokyo stock exchange. After Nexon got listed on the Tokyo stock exchange with an initial public offer of $1.2 billion, Kim Jung-Ji saw positive results as the largest stakeholder in the company. His wealth doubled, making him the 3rd richest person in Korea behind pharmaceutical tycoon Seo Jung-jin and Samsung boss Jay Y Lee.

Kim Jung-Ju's journey came into the limelight when he established Nexon in 1994 and grew the company into the largest video game powerhouse in Asia. The company launched the first-ever massively online multiplayer role-playing game. The company's first game, the kingdom of wind, was officially released in 1996. One of its famous games, MapleStory, launched in 2003, and Maplestory will have more than 180 million registered users.

Although Kim Jung-Ju started Nexon in South Korea, it moved the company to Tokyo and registered it under the Tokyo Stock exchange because of its size, sophisticated market, and greater access to international investors. However, Kim still maintains his personal holdings in Jeju, located in the Korean peninsula. Aside from being one of the wealthiest individuals in Korea, Kim Jung-Ju was not free from controversy. Ten years after he retired from day-to-day management of the company, he was accused of gratification and bribery to a persecutor who happened to be a friend he had met during his days in Seoul National University. After the case was heard in the open court, Kim Jung-Ju acknowledged that he gave money to Kim Kyung-Joon. Still, he was acquitted because there was no link between the gift and any favors received in return. However, the controversy did play a significant role in his resignation from the Nexon board after he issued a public apology but still retained his own as the head of NXC.

Since the case ended, Kim Jung-Ju had focused more on philanthropy, especially donating a large sum of money to build hospitals that cater to children. In 2017, Kim Jung-Ju and other Korean internet tycoons Kim Taek-jin (NCSoft), Lee Jae-Woong, the founder of Kakoa (formerly Daum), Lee Hae-jin (Naver), and Kim Beom-Su (Kakao), founded the C program, a venture philanthropy fund. As part of his philanthropy gesture, Kim had pledged to give out $90 million to fund hospitals that will cater to children and startups. Also, records show that in 2013 and 2015, his company has donated nothing less than 20 billion Won to build the Prume Foundation Nexon’s Children Rehabilitation Hospital in Seoul. He also presented 3.8 billion Won to Daejeon Chung-Nam Public Children’s Rehabilitation Hospital, making him one of the biggest donors in South Korea.

With his foundation and donation, Kim had built a good image for himself and Nexon. Because of his philanthropic deeds in 2015, he was named one of Forbes Asia’s 15 Heroes of Philanthropy last year.