Despite the negative rumors surrounding Lee Jae Sang from the past, his appointment has not been supported by fans. This sudden change of power within the company has also not been met with a positive reaction from the stock market. HYBE has yet to hold shareholder and board meetings to officially approve the terms of Lee Jae Sang’s appointment.
After completing his studies at Yonsei University, Lee Jae Sang gained experience at various prestigious companies such as Monitor Group, Hyundai Motor, and Google. In 2018, he joined Big Hit Entertainment, which later became known as HYBE.
Shortly after the announcement of Lee Jae Sang’s appointment, the internet was flooded with accusations against him. These allegations included claims of intimidation against the former Vice President of ADOR and allegations that he coerced them into revealing private conversations with CEO Min Hee Jin. There has also been criticism towards Lee for his involvement in the acquisition of Ithaca Holdings during his time as CEO of HYBE America, as well as his co-founding of an NFT company that utilizes HYBE artists.
Following the acquisition of Ithaca Holdings in 2021, HYBE America experienced losses for two consecutive years amounting to 70.1 billion won (approximately 50.8 million USD) and 142 billion won (approximately 103 million USD). Furthermore, HYBE America’s investment in Levvels, an NFT company, resulted in an operating loss of 18 billion won (approximately 13 million USD) in 2023 and a loss of 3.5 billion KRW (approximately 2.53 million USD) in the first quarter of 2024.
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