Samsung Publishing, a shareholder in the producer of the Baby Shark viral YouTube song, rallied after Elon Musk tweeted about the kiddie-pop jingle.
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 it 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 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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