Elon Musk tweeted about the viral YouTube song “Baby Shark,” which boosted Samsung Publishing’s stock by more than 10% on Wednesday.
The company owns a significant stake in the song’s producer, SmartStudy Entertainment. In South Korea, its stock rose more than 10% during Asian trade on Wednesday, before finishing roughly 6% higher. Despite sharing the same name, it is unrelated to the worldwide company Samsung Group.
Musk’s tweets fueled the stock surge for the Seoul-based company: “All are crushed by Baby Shark! There are more views than people “as well as a video of the song According to Trading View data, the company’s stock has risen 97 percent this year.
As the song’s popularity soared, Samsung Publishing’s stock price doubled since the end of 2018. In November 2020, “Baby Shark” surpassed Luis Fonsi and Daddy Yankee’s global blockbuster song “Despacito” as the most-watched YouTube video of all time.
In May, a cryptocurrency named after the song was released.
The stock increases on Wednesday are another another evidence of Musk’s massive effect on market movements via Twitter. According to online social analysis firm Cyabra, his tweets about bitcoin and dogecoin have sparked an increase in cryptocurrency discussions.
There were only a few hundred profiles online with the meme-inspired cryptocurrency until Musk tweeted in April that “SpaceX is going to put a literal dogecoin on the literal moon.” According to Cyabra’s analysis, engagement increased by over 16,000 percent the next day.
Musk also tweeted a spoof image of the Shiba Inu puppy with the text “Found this shot of me as a child” on Wednesday. Dogecoin jumped 21% to 39 cents almost immediately after.