Kim Jung-ju
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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 Nexon Co., Ltd. (formerly ) is a South Korean video game developer and publisher. It develops and publishes titles including ''MapleStory'', ''Crazyracing Kartrider'', ''Sudden Attack'', ''Dungeon & Fighter'', ''The First Descendant'', and ''Bl ...
. 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 Hawaii ( ; ) is an island U.S. state, state of the United States, in the Pacific Ocean about southwest of the U.S. mainland. One of the two Non-contiguous United States, non-contiguous U.S. states (along with Alaska), it is the only sta ...
. At the time of his death, he was the third-wealthiest person in South Korea.


Early life and education

Kim was born in
Seoul Seoul, officially Seoul Special Metropolitan City, is the capital city, capital and largest city of South Korea. The broader Seoul Metropolitan Area, encompassing Seoul, Gyeonggi Province and Incheon, emerged as the world's List of cities b ...
on 22 February 1968. He held a B.S. in Computer Science and Engineering from
Seoul National University Seoul National University (SNU; ) is a public university, public research university in Seoul, South Korea. It is one of the SKY (universities), SKY universities and a part of the Flagship Korean National Universities. The university's main c ...
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.


Career

Kim founded
Nexon Nexon Co., Ltd. (formerly ) is a South Korean video game developer and publisher. It develops and publishes titles including ''MapleStory'', ''Crazyracing Kartrider'', ''Sudden Attack'', ''Dungeon & Fighter'', ''The First Descendant'', and ''Bl ...
in 1994, while pursuing a doctorate in computer science and engineering at KAIST. Under Kim's leadership, Nexon launched the world's first graphic massively multiplayer online role-playing game ( MMORPG), '' Nexus: The Kingdom of the Winds'' and released popular titles such as ''
MapleStory ''MapleStory'' () is a free-to-play, 2D, side-scrolling massively multiplayer online role-playing game, developed by South Korean company Wizet. Several versions of the game are available for specific countries or regions, published by var ...
'', ''KartRider'', ''Mabinogi'' and ''Dungeon&Fighter''. With offices in Korea, Japan, United States, Europe and Taiwan, Nexon services over 100 online and mobile games to over 190 countries. In 2005, the company moved its headquarters from
Seoul Seoul, officially Seoul Special Metropolitan City, is the capital city, capital and largest city of South Korea. The broader Seoul Metropolitan Area, encompassing Seoul, Gyeonggi Province and Incheon, emerged as the world's List of cities b ...
, South Korea to
Tokyo Tokyo, officially the Tokyo Metropolis, is the capital of Japan, capital and List of cities in Japan, most populous city in Japan. With a population of over 14 million in the city proper in 2023, it is List of largest cities, one of the most ...
, Japan and went public on the
Tokyo Stock Exchange The , abbreviated as Tosho () or TSE/TYO, is a stock exchange located in Tokyo, Japan. The exchange is owned by Japan Exchange Group (JPX), a holding company that it also lists (), and operated by Tokyo Stock Exchange, Inc., a wholly owned sub ...
in 2011. Nexon is valued at over US$13 billion as of March 2019. 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. Being an avid
Lego Lego (, ; ; stylised as LEGO) is a line of plastic construction toys manufactured by the Lego Group, a privately held company based in Billund, Denmark. Lego consists of variously coloured interlocking plastic bricks made of acrylonitri ...
fan, he purchased
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in 2013, an online marketplace for Lego toys. The website was sold to
The Lego Group Lego A/S, also known as the Lego Group, is a Danish construction toy production company based in Billund. It manufactures Lego-branded toys, consisting mostly of interlocking ABS plastic and rubber bricks. The Lego Group has also built severa ...
in 2019. In 2014, NXC acquired
Stokke Stokke is a List of former municipalities of Norway, former municipality in Vestfold county, Norway. The municipality existed from 1838 until its dissolution on 1 January 2017. The area is now part of Sandefjord Municipality. The administrative ...
, a premium children's furniture manufacturer and later purchased JetKids to join Stokke in 2018. Other acquisitions include Korbit in 2017 and
Bitstamp Bitstamp is a Luxembourg-based cryptocurrency exchange founded in 2011. It is the world’s longest-running cryptocurrency exchange. It allows trading between fiat currency, bitcoin and other cryptocurrencies, such as the U.S. dollar, the euro, t ...
in 2018, both major
cryptocurrency exchange A cryptocurrency exchange, or a digital currency exchange (DCE), is a business that allows customers to trade cryptocurrencies or digital currencies for other assets, such as conventional fiat money or other digital currencies. Exchanges may acce ...
s based in South Korea and Europe, respectively. Some of his investments through NXC include
SmartStudy The Pinkfong Company () previously known as SmartStudy and Smart Books Media, is a global entertainment company. Their brands and intellectual property include Pinkfong and Baby Shark, and they have produced original animated shows, world live t ...
, SendBird and OnDemandKorea. In 2019, according to media reports, it was announced that Kim was preparing to sell his controlling stake in NXC Corp for an estimated $9 billion (USD). In 2014, Kim joined Collaborative Fund as a partner. At the time, Collaborative's founder and managing partner Craig Shapiro welcomed Kim as a "bootstrap" business expert at the firm, as he had built Nexon into a multi-billion dollar business without taking any
venture capital Venture capital (VC) is a form of private equity financing provided by firms or funds to start-up company, startup, early-stage, and emerging companies, that have been deemed to have high growth potential or that have demonstrated high growth in ...
investment. Among other contributions, Kim was interested in helping startups expand their businesses outside the US, stating that localization efforts from an early stage can help brands reach a more global audience. In 2016, Kim was charged with suspicious stock transactions and bribery after giving South Korean prosecutor Jin Kyung-joon more than (US$). According to prosecutors, Kim had given Jin to purchase unlisted Nexon Korea stock in 2005, which Jin then sold for in the following year. Prosecutors also alleged Jin received from Kim for overseas trips. 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. In 2013, he established Asia's first computer museum,
Nexon Computer Museum The Nexon Computer Museum () is a museum in Jeju City in South Korea. Opening on 27 July 2013, it is one of the first permanent museums in Korea that is dedicated to the history of computers and video games. , the museum houses 6,900 items, inc ...
on
Jeju Island Jeju Island (Jeju language, Jeju/) is South Korea's largest island, covering an area of , which is 1.83% of the total area of the country. Alongside outlying islands, it is part of Jeju Province and makes up the majority of the province. The i ...
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. In 2016, NXC, in conjunction with
Nexon Nexon Co., Ltd. (formerly ) is a South Korean video game developer and publisher. It develops and publishes titles including ''MapleStory'', ''Crazyracing Kartrider'', ''Sudden Attack'', ''Dungeon & Fighter'', ''The First Descendant'', and ''Bl ...
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 Seoul, officially Seoul Special Metropolitan City, is the capital city, capital and largest city of South Korea. The broader Seoul Metropolitan Area, encompassing Seoul, Gyeonggi Province and Incheon, emerged as the world's List of cities b ...
, 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. In February 2019, the foundation announced its donation of US$9 million in support of a second children's rehabilitation hospital to be built in
Daejeon Daejeon (; ) is South Korea's list of cities in South Korea, fifth-largest metropolis, with a population of nearly 1.5 million. Located in a central lowland valley between the Sobaek Mountains and the Geum River, the city is known both as a ...
, South Korea. The Daejeon Chungnam Nexon Children's Rehabilitation Hospital, which is expected to complete by September 2022, will be the first public children's rehabilitation hospital in Korea. In October 2020, the foundation announced its donation of (US$) 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. Kim was recognized in
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' 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. In partnership with Nexon Foundation, Kim founded SOHO Impact, a US-based non-profit organization promoting creativity in kids through brick play programs. He was also a founding board member of C-Program, a venture philanthropy fund jointly established by the founders of Nexon,
Naver Naver (; stylized as NAVER) is a South Korean online platform operated by the Naver Corporation. The company's products include a search engine, email hosting, blogs, maps, and mobile payment. History Naver was the first Korean web provide ...
,
Kakao Kakao Corporation () is a South Korean internet conglomerate headquartered in Jeju City. It was formed through the merger of Daum Communications and the original Kakao Inc. in 2010. The company was renamed Daum Kakao in 2014. In 2015, it was ...
,
Daum Daum may refer to: People * Ahron Daum (1951–2018), Israeli-born Modern-Orthodox rabbi, educator, and author *Andreas Daum (active from 1995), German-American historian * Auguste Daum (1853–1909), French ceramist *Christoph Daum (1953–2024), ...
and
NCSoft NCSoft Corporation (stylized as NC, formerly stylized as NCSOFT; ) is a South Korean video game developer and publisher headquartered in Pangyo, Seongnam, South Korea, primarily known for the distribution of massively multiplayer online role-pl ...
.


Recognition

Kim was a key figure behind Korea's first-generation tech wave, launching
Nexon Nexon Co., Ltd. (formerly ) is a South Korean video game developer and publisher. It develops and publishes titles including ''MapleStory'', ''Crazyracing Kartrider'', ''Sudden Attack'', ''Dungeon & Fighter'', ''The First Descendant'', and ''Bl ...
in 1994 as a game-developing startup and pioneering the freemium gaming business model. In 2010, he was selected as one of Korea's Top 100 Leaders in Technology. In 2012, he received the Presidential Award, Tin Tower
Order of Industrial Service Merit The Order of Industrial Service Merit () is an order of merit of South Korea (the Republic of Korea). It is presented to individuals and businesses who have contributed to the development of industry and the national economy. Before the Order of ...
for his contributions as a distinguished entrepreneur in South Korea. In 2013, ''
Forbes ''Forbes'' () is an American business magazine founded by B. C. Forbes in 1917. It has been owned by the Hong Kong–based investment group Integrated Whale Media Investments since 2014. Its chairman and editor-in-chief is Steve Forbes. The co ...
'' ranked Kim as South Korea's 11th richest person, with an estimated net worth of US$1.6 billion. By the end of 2018, he was ranked 5th, with a net worth estimated at US$7.1 billion. 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.


Personal life and death

Kim was married to
Yoo Jung-hyun Yoo Jung-hyun may refer to: * Yoo Jung-hyun (businesswoman), South Korean billionaire and ex-wife of Nexon founder Kim Jung-ju * Yoo Jung-hyun (politician), South Korean politician and entertainer {{Hndis ...
, and together they had two daughters. He died on 28 February 2022, aged 54, while travelling in
Hawaii Hawaii ( ; ) is an island U.S. state, state of the United States, in the Pacific Ocean about southwest of the U.S. mainland. One of the two Non-contiguous United States, non-contiguous U.S. states (along with Alaska), it is the only sta ...
. 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". Out of respect for Kim's family, the exact cause of death was not disclosed.


References

{{DEFAULTSORT:Kim, Jung-ju 1968 births 2022 deaths Gyeongju Kim clan KAIST alumni Korea National University of Arts alumni South Korean billionaires South Korean businesspeople