Elon Musk appears to simply be toying with his influence at this point. The SpaceX magnate is taking a rest from his company’s hard work in Texas to tweet on Dogecoin (CCC:DOGE-USD), dinosaurs and… “Baby Shark.” The tweets have in fact fueled upward momentum for the “Baby Shark stock,” Samsung Publishing.
Samsung Publishing, a South Korean company which trades on the Korea Exchange, is a significant shareholder in the production rights of a certain children’s song. “Baby Shark” is a song whose origin is hard to pin down, and as such, there are constantly disputes over who owns the song. However, Samsung Publishing has been able to cash in on the song thanks to its affiliate company’s 2016 cover.
The cover of the song and accompanying video have made quite a wave on YouTube. The video is one of the most viewed YouTube videos of all time, currently standing at 8.6 billion hits. The immediate success of the video turned into a 76% gain in a single week of trading for Samsung Publishing.
Elon Musk Gives Buoyancy to the Baby Shark Stock
Who would’ve thought that a story this bizarre would trace back to Elon Musk? The billionaire entrepreneur is behind the most recent gain for Samsung Publishing, thanks to a simple tweet.
The official South Park Twitter account recently posted a video from an episode of the irreverent animated comedy, where prominent early internet memes violently brawl. The video was accompanied with the message, “the meme stars battle it out.”
Baby Shark crushes all! More views than humans. https://t.co/48Ol3ZzhjP
— Elon Musk (@elonmusk) June 1, 2021
The Musk tweet is propelling Samsung Publishing upward again. In the session immediate following his Tuesday tweet, Samsung Publishing gained nearly 6.5% on its home country’s exchange.
Elon Musk has become a crypto celebrity, thanks to his influence on the altcoin market. He flexes his muscles frequently, sending out a tweet that causes, say, a 14% boost to DOGE. And he has gotten into some hot water with the SEC by tweeting his thoughts about his own brand, Tesla (NASDAQ:TSLA). The “Baby Shark stock” is just a fresh new way to see Musk show his sway on market prices.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.