Shares of Samsung Publishing, a major shareholder of the producer of “Baby Shark,” skyrocketed on Wednesday after a tweet from Tesla chief executive Elon Musk about the viral nursery rhyme.
Shares of Samsung Publishing in South Korea rose more than 10% at one point during regular trading on Wednesday, before shortening some gains to close 6.29% higher. The company has no affiliation with South Korean conglomerate Samsung Group, even though they share the Samsung name.
Wednesday’s gains came after a tweet from Musk on Tuesday morning Asian Time, which read, “Baby Shark crushes everything! More views than people.”
According to data from Refinitiv Eikon, the stock remains outside its year-to-date high of 59,000 Korean won in April, although it is already up more than 97% since the start of the year. Samsung Publishing shares stood at 47,300 Korean Won on Wednesday.
The rise in stock prices was another example of Musk’s apparent excessive influence.
Cryptocurrencies such as bitcoin and dogecoin have previously seen sharp moves in their prices following comments from the tech billionaire. His tweets have also previously been linked to stock market movements in so-called meme stocks such as GameStop.
Shares of Samsung Publishing rose more than 76% in 2018 after the viral song “Baby Shark” cracked the top 40 of the UK charts. Samsung Publishing affiliate SmartStudy is a major driver of interest around the world.
The video was created by the Pinkfong division, which, according to SmartStudy, “develops creative, animated content to provide stimulating and fun learning experiences for children around the world.” Pinkfong distributes its content through mobile apps and platforms such as YouTube and Amazon Video.