Tesla CEO Elon Musk sent shares of a South Korean publishing company soaring on Wednesday after tweeting about the viral Baby Shark video
Shares of a South Korean book publisher rose more than 10 percent on Wednesday after Tesla CEO Elon Musk tweeted about the viral Baby Shark song.
In response to a South Park tweet on Tuesday, sharing the show’s “Meme Stars Battle it Out” scene, Musk wrote: “Baby Shark crushes everything! More views than people.’
The tweet was posted in Asia early Tuesday morning, and on Wednesday, shares of Samsung Publishing, a major shareholder in the producer of the viral song and video, rose more than 10 percent before closing 6.29 percent higher, according to the report. CNBC.
The publisher has no affiliation with the Samsung Group, the multinational technology conglomerate, despite the same name.
It didn’t hit its year-to-date in stocks, with 59,000 Korean wins in April, CNBC reported, but the stock stood at 47,300 gains by the end of Wednesday.
In his tweet, which came out in the early hours of Tuesday morning in Asia, Musk wrote “Baby Shark crushes everything,” noting that it has more views than there are people in the world.
The tweet sent shares of Samsung Publishing up, closing 6.29 percent higher on Wednesday
Shares were up more than 76 percent earlier in 2018 after Baby Shark went via the bottle and the Top 40 UK charts
The Baby Shark song had been around for more than a decade by then, according to CNBC, but the 2016 video cover by Samsung Publishing-affiliated SmartStudy made it viral worldwide.
The video was created by the Pinkfong division of SmartStudy, which “develops creative, animated content to provide stimulating and fun learning experiences for children around the world,” according to the SmartStudy website.
Pinkfong distributes its content on mobile apps and platforms such as YouTube and Amazon Video.
The YouTube video for the baby shark song has been viewed more than 8.6 billion times since it was first posted in June 2016 and inspired a Nickelodeon show.
The video was first posted in 2016 and went viral with 8.6 billion views on YouTube. It shows two young children singing about a family of sharks
However, this isn’t the first time Musk’s tweets have impacted the stock market.
In the past month, shares of cryptocurrencies Bitcoin and Ethereum plummeted after the billionaire announced that Tesla would no longer accept Bitcoin as payment, a reversal of his position two months earlier.
His tweets have also been linked to a surge in Dogecoin’s stock in early May, when Musk tweeted that he collaborated with Dogecoin developers to improve efficiency.
Around the same time, he also said that his company, SpaceX, would accept the meme-inspired cryptocurrency as payment for travel to the moon and send a 40-kilogram cube satellite called DOGE-1 to the moon.
In 2018, the Securities and Exchange Commission ordered Tesla to investigate all material public communications Musk has made about the company after accusing him of fraud over a tweet claiming he had “secured funding” to take Tesla private for $420 per share.
The tweet sent shares of the company soaring and forced trading to a halt.
Musk reportedly made $851 million in the wake of posting that tweet.
The SEC then sued Musk for fraud on “false and misleading tweets,” claiming he chose the $420 price simply because the song is a marijuana reference that would “amuse” his girlfriend.
Musk was fined $20 million and forced to resign as Tesla chairman after reaching a settlement with the Commission.
But on two occasions, one in 2019 and another in 2020, the SEC alleged that Tesla violated the terms of the settlement, according to exchanges obtained by the Wall Street Journal.
On July 29, 2019 Musk posted that Tesla was “rapidly winding up the production line” on the solar roof, and “hoping to produce about 1,000 solar roofs a week by the end of this year.”
On May 1, 2020, he tweeted: ‘Tesla share price is too high imo’
Initially, Tesla had to review all of Musk’s tweets under the settlement in which the company also had to pay $20 million.
In February 2019, the terms of the social media agreement were narrowed to require the company to review only tweets related to certain topics. The topics were: production numbers, new products and Tesla’s financial status.
However, in May 2020, the agency said the company did not even meet those requirements with a letter to Tesla signed by senior SEC official Steven Buchholz stating: The Journal.
“Given Mr. Musk’s repeated refusal to submit his covered written communications on Twitter to Tesla for pre-approval, we are deeply concerned about Tesla’s repeated determinations that there have been no policy violations due to alleged carve-outs,” the statement said. SEC. replied.
The Wall Street Journal obtained the exchanges through a Freedom of Information Act request. So far, neither Tesla nor the SEC have responded to the feud.