Lee Jun-seok "Lee Jae-myung Will Cause Confusion by Turning Left with Right Blinker On"

Lee Jae-myung: "Let's Share Private Company Shares with the Public"
Lee Jun-seok: "Proven to Be Anti-Business and Anti-Market"

Lee Jun-seok, a member of the National Assembly from the Reform New Party, criticized Lee Jae-myung, leader of the Democratic Party of Korea, saying, "No matter how much he signals to the right, it has once again been proven that he is fundamentally anti-business and anti-market." This was in response to Lee's claim that if a 'Korean Nvidia' were to emerge and the company were composed of 70% private shares and 30% public shares, a society that does not rely on taxes would come.

Lee Jun-seok, member of the Reform New Party.

On the 2nd, Lee posted on Facebook, "Just from this statement alone, it has once again been proven that Lee Jae-myung is fundamentally anti-business and anti-market, no matter how much he signals to the right. He is also ignoring the growth cycle of IT companies," and fiercely criticized, "In the end, as predicted, he will signal to the right in the first lane and make a left turn, throwing companies into confusion."

"Everyone hopes that an innovative company like Nvidia will be born in South Korea. But if a person who argues that when a company succeeds, not only should corporate tax be taken, but 30% of the shares should be distributed to the public becomes a leader, is there really any reason for that company to operate in Korea?" he questioned, adding, "If you understand even a little about the growth cycle of IT companies, you can see how unrealistic the idea of '30% public shares' is."

"In fact, Jensen Huang (Nvidia CEO)'s shareholding started at 20% in the early days of founding and gradually diluted after the IPO, currently standing at about 3.5%," he explained, adding, "In the process of a global company like Nvidia growing, the founder's shares naturally decrease, but the government's idea of securing 30% of shares as the 'public's portion' shows a complete lack of understanding of the corporate ecosystem," he fiercely criticized.

He continued, "Cutting mountains abnormally to raise the land value, handing over prime land to Hwacheon Daeyu, and boasting about the public reclaiming some of it are completely different matters from fostering IT companies," and said, "I hope Lee Jae-myung does not look at Nvidia the way he looks at Baekhyeon-dong and Hwacheon Daeyu."

Earlier, in a video released on the 2nd on the YouTube channel OPQR, a public participation project of the Democratic Research Institute's Collective Intelligence Center, Lee said, "If the community had some share of the productivity gains, the world might have been different. Also, if the public sector holds it, an era of sharing it is possible," and stated, "For example, if a company like Nvidia emerges and 30% of the shares belong to the public, wouldn't we not have to rely so much on taxes?"