Kim Beom-su, the founder of mobile messenger service Kakao Inc., has become Korea’s wealthiest IT entrepreneur by stock value, financial market researcher’s data showed.

After Kakao merged with the country’s No. 2 portal Daum Communications Co., Daum shares have rallied on the tech-focused secondary bourse KOSDAQ, according to recent data provided by corporate financial information provider FnGuide.

Lee Hae-jin, the founder and CEO of the country’s biggest portal Naver and who had long held

the title of wealthiest IT entrepreneur, was pushed to second place.