Elon Musk’s ‘Baby Shark’ tweet sends shares in the iconic song’s investor up 10%

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  • A South Korean publisher with a stake in “Baby Shark’s” creator saw its stock surge after Elon Musk’s tweet about the song.
  • Shares in Samsung Publishing rose 10% before closing about 6% higher.
  • The gains mark another example of Musk’s mega-influence on market movements via Twitter.
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Shares in South Korea-based Samsung Publishing rose more than 10% on Wednesday after Elon Musk tweeted about the viral YouTube song “Baby Shark.”

The company is a major shareholder in the song’s producer, an entertainment firm called SmartStudy. Its shares in South Korea climbed more than 10% during Asian trading on Wednesday, before closing around 6% higher. It has no affiliation with the multinational conglomerate Samsung Group, even though they share the same name.

The Seoul-based company’s stock move was driven by Musk tweeting: “Baby Shark crushes all! More views than humans,” along with a video of the song. Its shares are up 97% so far this year, according to data from Trading View.

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Samsung Publishing’s stock price has quadrupled since the end 0f 2018 as the song grew in popularity. “Baby Shark” became the most-viewed YouTube video ever in November 2020, outpacing the global smash hit “Despacito” by Luis Fonsi and Daddy Yankee.

Even a cryptocurrency inspired by the song was minted in May.

Wednesday’s stock gains marks another example of Musk’s mega-influence on market movements via Twitter. His tweets about bitcoin and dogecoin have led to an uptick in conversations on cryptocurrencies, according to online social analysis platform Cyabra.

Before Musk tweeted in April that “SpaceX is going to put a literal dogecoin on the literal moon,” there were only several hundred profiles engaged online with the meme-inspired cryptocurrency. But a day later, engagement soared over 16,000%, according to Cyabra’s research.

Separately on Wednesday, Musk tweeted a satirical image of the meme-famous Shiba Inu dog with the caption: “Found this pic of me as a child.” Almost immediately after, dogecoin soared 21% to 39 cents.

Read More: Financial researcher Nik Bhatia explains why asset managers with a growth focus could be violating their fiduciary duty if they don’t consider bitcoin – and compares the crypto to Amazon’s stock 20 years ago

Read the original article on Business Insider