Shares of ‘Baby Shark’ investor soaring after tweet from Elon Musk
NEW YORK / CNBC — Shares of Samsung Publishing, a major shareholder in the producer of “BabyShark,” spiked on Wednesday after a tweet by Tesla CEO Elon Musk about the viral children’s song.
The South Korean shares soared more than 10 percent at one point during regular trading on Wednesday, before closing out 6.29% higher. The company has no affiliation with South Korean conglomerate Samsung Group, even though they share the Samsung name.
Wednesday’s gains came on the back of a tweet by Musk on Tuesday morning Asia time, which said: “Baby Shark crushes all! More views than humans.”
The stock remains off its year-to-date high of 59,000 Korean won in April, according to data from Refinitiv Eikon, though it has already surged more than 97% since the start of the year. Samsung Publishing shares were sitting at 47,300 Korean won by Wednesday’s close.
Wednesday’s surge is yet more evidence of Musk’s apparent influence on investors.
Cryptocurrencies such as bitcoin and dogecoin previously saw sharp moves in their prices following comments by the tech billionaire. His tweets have previously also been linked to moves in the stock market in so-called meme stocks such as GameStop.
The Baby Shark video was created by Samsung’s Pinkfong division, which SmartStudy says “develops creative, animated content to provide stimulating and fun learning experiences to children worldwide.”
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