Elon Musk is one of the people with huge influence in the global financial markets. In recent years, his comments and tweets have affected several cryptocurrencies and stocks. Yesterday, his tweet on Baby Shark sent the shares of Samsung Publishing rallying by roughly 10% during regular trading hours in South Korea.
Samsung Publishing’s stock price rises by nearly 10%
The shares of Samsung Publishing surged by nearly 10% during Wednesday’s trading session in South Korea. The company’s stock couldn’t maintain the surge in price but ended the day with a net gain of 6.29%.
While they share the same name, Samsung Publishing is not affiliated with the South Korean conglomerate Samsung Group. The company’s stock rally was caused by a tweet by Tesla and SpaceX CEO Elon Musk. Musk responded to a tweet by TV show South Park, stating that “Baby Shark crushes all! More views than humans.”
The meme stars battle it out. pic.twitter.com/gitvuvA0FU
— South Park (@SouthPark) June 1, 2021
Despite the rally, Samsung Publishing’s stock price is still roughly 20% down from its all-time high of 59,000 Korean Won ($53.11). The stock is currently trading 47,300 Won ($42.58) following today’s rally. Samsung Publishing’s stock has performed excellently so far this year, and it is currently up by 97% year-to-date.
Elon Musk and his powerful tweets
If there is one man whose tweets and comments can pull an asset’s price into a bull run or drag it into a bearish trend, it is Elon Musk. The Tesla CEO airs his views on various financial assets via Twitter.
In recent months, his numerous show of support for Dogecoin (DOGE) was critical in pushing the cryptocurrency to achieve a 6,000% rise in value since the start of the year. Dogecoin’s price rallied to an all-time high of $0.73 last month before the market correction saw it lose 50% of its value. DOGE is now trading close to $0.40 per coin.
His various comments on Bitcoin and its negative impact on the environment via mining activities might have also played a part in plunging it into a bearish trend. Musk’s influence is huge, and it cuts across several markets. His tweets have also been linked to moves in the stock market, especially the famous GameStop stock that rallied earlier this year.