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Japan¡¯s favorite Korean son-in-law Bae Yong-joon has become a billionaire with stock holdings of more than W100 billion (US $100 million).
The stock price of Ottowintech, in which the actor has heavily invested, on Tuesday rose past the daily limit of W67,200 for the seventh consecutive day. Bae is the largest shareholder in the company with 1.447 million shares worth W9.724 million at Tuesday¡¯s closing price.
Ottowintech, a computer development company, came close to be de-listed but has seen a remarkable turnaround after Bae struck a partnership deal with Japan¡¯s Softbank in February and announced he will grow the company into an ¡°exporter of the Korean Wave.¡±
The company¡¯s share price, which stood at W12,700 on March 27 right before resuming stock transactions, quadrupled in less than 10 days, netting Bae, who invested a total of W9 billion in the company, more than 10 times his original investment, at least on paper.
The remarkable thing is that the share price soared even though nothing special happened except that Bae bought into it.
(englishnews@chosun.com )
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