Samsung Publishing shares jump after Musk’s tweet
Company rides Elon Musk's online influence after comment on Baby Shark viral YouTube song
Samsung Publishing, a shareholder in the producer of the Baby Shark viral YouTube song, rallied after Elon Musk tweeted about the pop jingle for children.
Shares in the Seoul-based company that owns the second-largest stake in the song’s producer SmartStudy climbed as much as 10% to their highest level since May 7. The gains have helped the stock more than quadruple since the end of 2018 as the song became popular. Even a cryptocurrency named after the song was minted in May.
Musk tweeted during Asian trading hours on Wednesday that, “Baby Shark crushes all! More views than humans,” with a video clip of the song attached.
His tweet triggered a rally in Samsung Publishing’s shares, which, again, underscores the influence the billionaire co-founder of Tesla commands on assets from crypto currencies such as bitcoin and Dogecoin to equities including the so-called meme stocks.
Baby Shark (Doo Doo Doo Doo Doo Doo) became a YouTube sensation in 2018. It has been viewed nearly 8.7 billion times and has made it to the Billboard Hot 100 chart on multiple weeks.
Bloomberg News. More stories like this are available on bloomberg.com
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