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G-Dragon and other South Korean superstars like Lee Min-ho, Lee Jung-jae, and Jung Woo-sung, celebrated the New Year 2024 together on January 2, 2024. They joined forces to commemorate the rapper being freed of all the false allegations against him and to share the joy of the same, they had an "innocent until proven guilty" party.
In October 2023, there was an inquiry into the BIGBANG rapper for allegedly using drugs. However, all the charges were dropped due to a lack of evidence and because he tested negative in all the narcotics tests.
G-Dragon acquitted of drug charges, left YG Entertainment, and confirmed a comeback album in 2024
The 2024 New Year's Party was attended by multiple celebrities including Jung Il-woo, Lee Min-ho, Jung Woo-sung and Jang Dong-gun as well as Go So-young, and his wife. They were all at the private party to celebrate the BIGBANG rapper's fresh start. Lee Jung-jae and his official girlfriend Lim Se-ryung, the Vice President of Daejong Group, were also present at the party held on Tuesday.
The K-drama stars also shared an Instagram story to give their fans a glimpse of their party. In the caption of the photo that he shared G-Dragon wrote "Giving (heart emoji)" and had all the celebrities who attended his party.
According to reports, G-Dragon is the subject of a police probe on allegations of drug use. It is worth noting that in South Korea, it is against the law to take drugs recreationally.
However, the rapper, whose real name is Kwon Ji-yong, refuted accusations of drug misuse against him in an official statement released on October 27, 2023. He was formally acquitted and proven innocent of the drug accusations in December 2023 following investigations and drug testing.
Under the continuing campaign on illicit narcotics by President Yoon Suk Yeol's conservative government, police were looking into G-Dragon.
Yonhap News Agency reported that the Incheon Metropolitan Police decided on Tuesday, December 19, 2023, not to press charges against the former leader of the K-pop group BIGBANG. The police's decision came after they were unable to secure witness testimony and evidence to back the allegations of drug usage.
Following this, the rapper departed from his former management company YG Entertainment. He then signed a new exclusive contract with Galaxy Corporation on December 20, 2023.
During a news conference on December 21, 2023, the director of Galaxy Corporated formally announced the new partnership between the rapper and the agency. It was also stated that G-Dragon is getting ready for his 2024 comeback album.
G-Dragon sets up anti-drug foundation and donates 300 million KRW while YG Entertainment takes a $64 million hit after his exit
The artist, who is exonerated of drug charges, made a comeback to the public eye and embarked on a daring project to leave a positive legacy. Through his new agency, Galaxy Corporation, G-Dragon has established an anti-drug organization and made a huge donation.
He also established an anti-drug foundation, JUSPEACE, demonstrating dedication to transforming a difficult chapter into a driving force for positive change.
According to Galaxy Entertainment, the term JUSPEACE is a combination of the words "justice" and "peace." G-Dragon has demonstrated his devotion to our cause with a personal gift of KRW 300 million, or roughly $231,000.
Galaxy Entertainment stated that the foundation's goal is in line with G-Dragon's vision to use his music as an instrument for positive effect and to build a world free of discrimination. The goal of their initiative is to end drug misuse and assist young people who are looking to get well.
Meanwhile, YG Entertainment's shares ended the day on December 22, 2023, at 52,000 won (about $40), down for the fourth day in a row. The stock's progress has been greatly impacted by this 5.11% decline, which came from 54,800 won ($42.19) to 2,800 won (around $2.16). The reduction has been largely ascribed to the most recent events regarding the BIGBANG idol.
In just four days, there was a significant decline in the trading price of YG Entertainment's stock. This erased around 83.5 billion won (about $64 million) from the market capitalization of the business. The stock market value as of right now is 963.9 billion won ($742.6 million).
This is not the first time that the BIGBANG rapper has affected the shares of YG Entertainment. In June 2023, YG Entertainment's market valuation fell by $130 million when rumors of the rapper not renewing his contract with the company surfaced online. Then on December 22, 2023, the South Korean artist management company faced an onslaught of $64 million as the rapper inked a deal with another company.
Fans of the BIGBANG rapper are waiting with bated breaths for the idol to release his comeback solo album in 2024.
