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G-Dragon's departure was officially announced by YG Entertainment on BIGBANG's official website on December 20. June 2023 marked the end of the idol and YG Entertainment's business contract. During the period in question, the company indicated that the exclusive agreement with the BIGBANG idol was concluded and they were presently cooperating via an independent contract for advertising and other obligations.
However, December 22, 2023, saw the closing price of YG Entertainment's shares drop for the fourth day in a row, to 52,000 won (about 40 USD). Recent events concerning G-Dragon have been widely implicated in this 5.11 percent decline, which resulted in a reduction of 2,800 won (about 2.16 USD) from 54,800 won (42.19 USD), greatly affecting the company's financial standing.
YG Entertainment's stock witnessed a significant decline over four days, lowering the market valuation of the firm and wiping out almost 83.5 billion won (about $64 million USD). Consequently, at 963.9 billion won ($742.6 million USD), the company's value in the share market currently stands at.
G-Dragon parted ways with YG Entertainment and signed with Galaxy Corporation following his acquittal on drug charges
Nevertheless, G-Dragon's influence on YG Entertainment stocks is not unprecedented. After it was revealed that the BIGBANG idol had decided not to extend his deal with the company, YG Entertainment's market valuation fell by $130 million USD in June of this year.
The Crayon singer-rapper's exit from YG Entertainment was publicly announced on December 20, ending rumors that his contract will not be renewed. This choice was made in response to recent accusations of drug misuse by the idol, which were later refuted by law authorities. The idol has stayed under the radar following several transfer rumors, including connections to Warner Music and Galaxy Corporation.
Galaxy Corporation confirmed their new partnership with G-Dragon during a press conference on December 21, 2023, that followed his innocence on drug charges. The idol's new management company also declared that they would bring suit against any person or group that attempted to discredit the star by using the unfounded drug accusations against him as justification.
YG Entertainment's shares allegedly fell when Galaxy Corporation announced that they would be holding a press conference to discuss the Crayon singer-rapper's future. YG Entertainment immediately confirmed the idol's exit from the organization on December 20, 2023, putting an end to the rumors that his contract would not be renewed.
G-Dragon proven innocent of the drug charges allegations, leading to JTBC apologising to the star
According to media sources, South Korean authorities have absolved K-pop artist G-Dragon of any wrongdoing related to illicit drug usage. Under the continuing clampdown on illicit narcotics by President Yoon Suk-Yeol's conservative government, police have been looking into the BIGBANG musician and rapper G-Dragon, whose given name is Kwon Ji-Yong.
The former leader of the K-pop group BIGBANG was acquitted Tuesday, December 19, 2023, by the Incheon Metropolitan Police for suspected drug usage, according to Yonhap News Agency. This decision was made because the police had not been able to gather evidence in support of the allegations against the star.
Furthermore, the host of JTBC News, Yang Won-bo, apologized to the BIGBANG idol on national television for using inappropriate phrasing while covering the allegations faced by the star. Yang Won-bo acknowledged that his reports were defamatory and had tainted the idol in the wrong light despite his being innocent.
The multifaceted South Korean performer G-Dragon has established himself in the entertainment business in a variety of capacities, including rapper, singer, composer, producer, and model. Following an intense six-year training program with YG Entertainment, he earned his breakthrough as the rapper and leader of the well-known group BIGBANG.
Notable for his impact on South Korean fashion, the Crayon singer-rapper has received recognition for his creative expression globally. Meanwhile, Galaxy Corporation's CEO, Jo Sung-Hae, confirmed G-Dragon's comeback in 2024 during their press conference held on December 21, 2023.
With the release of his critically acclaimed debut album, Heartbreaker, which not only sold over 200,000 copies but also won him the Mnet Asian Music Award (MAMA) for Album of the Year - Daesang, his solo career skyrocketed.
Meanwhile, fans are eagerly awaiting for the Crayon singer-rapper to make a comeback into the music scene and start afresh in 2024.
Disclaimer: Please get in touch with the authorities and report anyone you know who is having problems with alcohol or drugs. Numerous hotlines are accessible for the same on the internet.
