“Baby Shark” contributor gets a bounce from Elon Musk’s tweet

Tesla CEO tweet late Tuesday about the viral YouTube song “Baby Shark” inflated the stock of Samsung Publishing, a shareholder of the song’s producer, SmartStudy.
“Baby Shark crushes everything! More views than humans,” Musk wrote, referring to the catchy children’s song, which became the most viewed video on YouTube in November.

Shortly after this tweet, Samsung Publishing Stock jumped 10% to 49,000 won ($ 44) in South Korea. He lost some of those gains later, but still closed around 6%, his best day in almost a month.

The South Korean publishing company is the second largest shareholder of SmartStudy, with an 18% stake in the entertainment company. Samsung Publishing did not immediately respond to a request for comment.

Market mover

“Baby Shark,” a song about a family of sharks, has over eight billion views on YouTube. Recorded by Korean-American singer Hope Segoine, the song was first uploaded to the platform in 2016, and has since become one of the world’s most recognized songs, even surpassing the Billboard Top 100 in 2019. .
Musk sent his tweet, which included video for the song, in response to a video shared by South Park’s official account on popular meme stars fight it.

The billionaire’s tweets regularly move markets. For several months now, Musk has been discussing Dogecoin – the cryptocurrency that features the face of a Shiba Inu dog – and sending him on a wild ride.

In April, virtual currency soared more than 100% after Musk said “Doge barking on the moon” in a tweet.
In a tweet in May, Musk shared a parody of the famous “Jaws” movie poster. A crumpled dollar was a surrogate for the hapless swimmer about to be attacked, and the infamous shark was replaced by a giant dog. DOGE appeared in big red letters at the top, with the caption “You will never use the dollar again”.
Musk has also moved cryptos the other way around. Earlier in May, just one word tweet from him sent bitcoin into a downward spiral.
His tweets about his own businesses have gotten him into trouble with the United States Securities and Exchange Commission in the past. Tesla’s attorneys must pre-approve Musk’s tweets, whether they relate to the company’s financial situation, production numbers, or new lines of business.

The SEC informed Tesla that two of Musk’s tweets from 2019 and 2020 – one on Tesla’s solar roof production volumes and one on the company’s share price – had not received the required pre-approval. , reported the Wall Street Journal.

– Jake Kwon contributed to this report.

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