Shares of a South Korean book publishing company soared more than 10 per cent on Wednesday after Tesla CEO Elon Musk tweeted about the viral Baby Shark song.
In reply to a South Park tweet on Tuesday, sharing the show’s ‘Meme Stars Battle it Out’ scene, Musk wrote: ‘Baby Shark crushes all! More views than humans.’
The tweet was posted in the early Tuesday morning hours in Asia, and by Wednesday, shares of Samsung Publishing, a major shareholder in the producer of the viral song and video, increased more than 10 per cent, before closing 6.29 per cent higher, according to CNBC.
The publishing company has no affiliation with the Samsung Group, the multinational technology conglomerate, despite having the same name.
It did not reach its year-to-date high in shares, at 59,000 Korean won in April, CNBC reported, but shares were sitting at 47,300 won by the end of Wednesday.
In his tweet, which came in the early Tuesday morning hours in Asia, Musk wrote ‘Baby Shark crushes all,’ noting that it has more views than there are humans in the world
The tweet sent shares of Samsung Publishing surging, closing Wednesday 6.29 per cent higher. Check the stock market stats below:
Its shares had previously surged more than 76 per cent in 2018 after Baby Shark went viral, hitting the Top 40 charts in the U.K.
The Baby Shark song had been around for over a decade at that point, according to CNBC, but the 2016 video cover by Samsung Publishing affiliate SmartStudy made it go viral worldwide.
The video was created by SmartStudy’s Pinkfong division which ‘develops, creative, animated content to provide stimulating and fun learning experiences to children worldwide,’ according to the SmartStudy website.
Pinkfong distributes its content on mobile apps and platforms like 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.
This is not the first time Musk’s tweets have had an effect on the stock market, though.
Over the past month, shares of cryptocurrencies Bitcoin and Ethereum plummeted after the billionaire announced Tesla would no longer accept Bitcoin as payment, a reversal of his stance from two months prior.
His tweets have also been linked to an increase in shares of Dogecoin in early May when Musk tweeted that he was working with Dogecoin developers to improve its efficiency.
At around the same time, he also said his company, SpaceX would accept the meme-inspired cryptocurrency as a payment for trips to the moon and would send a 40-kilogram cube satellite named DOGE-1 to the moon.