June 4, 2021: -On Wednesday, shares of Samsung Publishing, a significant shareholder in the producer of “Baby Shark,” soared after Tesla CEO Elon Musk tweeted about the viral children’s song.
Shares of Samsung Publishing in South Korea soared above 10% at one point in regular trading before paring some gains to close 6.29% higher on Wednesday. The company has not got any affiliation with South Korean conglomerate Samsung Group, even though they share the Samsung name.
The gains of Wednesday came on the back after the tweet by Musk on Tuesday, which said, “Baby Shark crushes all! More views than humans.”
The stock remains off its year-to-date high of 59,000 Korean won in April, according to data from Refinitiv Eikon, although it has increased over 97% since the beginning of the year. Samsung Publishing shares sat at 47,300 Korean won on Wednesday close.
The stock increased was another instance of Musk’s apparent outsized influence.
Cryptocurrencies like bitcoin and dogecoin previously saw sharp moves in their prices following comments by the tech billionaire. His tweets have also been linked to activities in the stock market in so-called meme stocks like GameStop.
Shares of Samsung Publishing increased above 76% in 2018 after the viral song “Baby Shark” cracked the top 40 charts in the U.K. Of course, the music has been around for well over a decade, according to internet search results. Still, the 2016 video cover created by Samsung Publishing affiliate SmartStudy has been a primary driver of interest worldwide.
The video was created by its Pinkfong division, which SmartStudy says “develops creative, animated content to provide stimulating and fun learning experiences to children worldwide.” Pinkfong distributes its content on mobile apps and platforms such as YouTube and Amazon Video.