Fans were seemingly panicking when they found out SM Entertainment's founder and CEO Lee Sooman has announced his stepping down from the post and selling his stocks as the major shareholder in the company.

Recently, SM Entertainment has released a statement that Lee Sooman is stepping down from his CEO post that he held for so long, and he is also selling his stocks as he is also the major shareholder in the Korean entertainment agency.

Due to the announcement, many people have noticed that several other companies have proposed to buy Lee Sooman's stocks to acquire SM Entertainment. Some of the known companies include CJ EM, Kakao M Company, and HYBE.

However, most netizens are seemingly against the idea, though some might be seen as sarcastic posts on online communities, telling him not to go. Some of the netizens are also against the idea of HYBE buying the company, seeing as how it mismanaged the other companies it bought and acquired over the years, such as Source Music and Pledis Entertainment.

As of now, there are no official statements confirming this information and even though there are rumors swirling around, nothing has been confirmed yet.