Elon Musk tweets again, causing ‘Baby Shark’ investor stock to skyrocket

Elon Musk, founder and chief engineer of SpaceX, speaks during the Satellite 2020 Conference in Washington, DC, the United States, on March 9, 2020.

Yasin Ozturk | Anadolu Agency | fake images

Shares in Samsung Publishing, a major shareholder in the “Baby Shark” production company, soared Wednesday after a tweet from Tesla CEO Elon Musk about the viral nursery rhyme.

Shares of Samsung Publishing in South Korea soared more than 10% at one point during regular trading on Wednesday, before cutting some gains to close 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 after a tweet from Musk on Tuesday morning Asia time that read: “Baby Shark Smash Everybody! More views than humans ”.

The stock remains off its annual high of 59,000 Korean won in April, according to data from Refinitiv Eikon, although it has already risen more than 97% since the beginning of the year. Shares of Samsung Publishing stood at 47,300 Korean won as of Wednesday’s close.

The stock surge was another example of Musk’s seemingly strong influence.

Cryptocurrencies such as bitcoin and dogecoin previously experienced sharp price movements following comments from the tech billionaire. His tweets have also previously been linked to movements in the stock market in so-called meme stocks like GameStop.

Shares of Samsung Publishing surged more than 76% in 2018 after the viral song “Baby Shark” broke the top 40 charts in the UK. The song has been around for more than a decade, according to internet search results, but the 2016 video cover was created. By Samsung Publishing affiliate SmartStudy, it has been a leading engine of interest around the world.

The video was created by its Pinkfong division, which according to SmartStudy “develops creative and animated content to provide stimulating and fun learning experiences for children around the world.” Pinkfong distributes its content through mobile applications and platforms such as YouTube and Amazon Video.

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