(Bloomberg) -- Kakao Corp. founder Brian Kim won his freedom from detention on Thursday, a concession to a billionaire fighting charges of stock manipulation in a watershed case for South Korea’s internet industry.

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A Seoul court set bail at 300 million won ($218,000) for the entrepreneur, the court said in a text statement. It’s unclear if the executive has already left custody.

The Kakao founder who created Korea’s dominant social media platform is battling charges he tried to manipulate one of the country’s biggest media sector deals, the acquisition of Kpop studio SM Entertainment Co. in 2023.

Kim was allegedly involved with an attempt to buy and push SM stock above a rival offer of 120,000 won from BTS-agency Hybe Co. Prosecutors accused executives of carrying out that alleged maneuver over four days, in mid-February 2023 as well as later that month. The entrepreneur was arrested in July for his suspected involvement in that purported scheme — making him the highest-profile tech executive behind bars since prosecutors went after Samsung Electronics Co.’s Jay Y. Lee.

Longer term, the outcome of the case could have serious implications for a business empire spanning several listed firms and a plethora of internet spheres. Kakao had pursued the deal to secure more content and extend its dominance in markets from music and shopping to ride-hailing. Instead, it triggered legal scrutiny and raised questions about the future of up-and-coming innovators as they challenge the country’s conglomerates.

Kakao Founder’s Trial Melds Kpop, Billionaires and Markets: Q&A

--With assistance from Shinhye Kang.

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