Tech

Elon Musk tweeted again, soaring stock prices for “Baby Shark” investors

SpaceX founder and chief engineer Elon Musk will speak at the Satellite 2020 Conference on March 9, 2020 in Washington, DC, USA.

Yasin Ozturk | Anadolu Agency | Getty Images

After Tesla CEO Elon Musk tweeted about the children’s song viral, the stock price of Samsung Publishing, a major shareholder of the producer of “Baby Shark,” soared Wednesday.

South Korea’s Samsung Publishing share price surged more than 10% during normal Wednesday trading, but closed with a 6.29% rise, modest some gains. Despite sharing the Samsung name, the company has nothing to do with the Korean conglomerate Samsung Group.

The rise on Wednesday is behind Mr. Musk’s tweet on Tuesday morning Asian time, saying, “Baby Sharks overwhelm everything! You’ll see more views than humans.”

Shares have remained above April’s year-to-date high of 59,000 won, but have already risen by more than 97% since the beginning of the year, according to Refinitiv Eikon data. Samsung Publishing’s share price remained at KRW 47,300 by Wednesday’s closing price.

The sharp rise in stock prices was another example of Mr. Musk’s apparent influence.

Cryptocurrencies such as Bitcoin and Dogecoin have previously fluctuated sharply in response to comments from tech billionaires. His tweets have also been linked to so-called meme stock market movements such as GameStop.

Samsung Publishing’s share price surged by more than 76% in 2018 after the viral song “Baby Shark” broke through the UK’s Top 40 charts. Samsung Publishing’s affiliate SmartStudy is of great interest around the world.

The video was produced by the company’s Pinkfong division, and SmartStudy states that “we are developing creative animated content to provide exciting and enjoyable learning experiences for children around the world.” Pinkfong delivers content through mobile apps and platforms such as YouTube and Amazon Video.

Elon Musk tweeted again, soaring stock prices for “Baby Shark” investors

Source link Elon Musk tweeted again, soaring stock prices for “Baby Shark” investors

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