After yet another tweet from billionaire and CEO Elon Musk, this time one about the famous Baby Shark song, a South Korean book publishing company have seen their stocking soaring with more than 10 percent on Wednesday.
Elon Musk shared a tweet writing, "Baby Shark crushes all! More views than humans", in reply to a South Park tweet on Tuesday, sharing the show's "Meme Stars Battle it Out" scene.
The Baby Shark song had been around for over a decade. However, it wasn't until the 2016 video cover, made by Samsung Publishing affiliate SmartStudy was released for the video to go viral worldwide.
The SmartStudy's Pinkfong division "develops, creative, animated content to provide stimulating and fun learning experiences to children worldwide". Pinkfong distributes its content on mobile apps and platforms like Amazon Video and YouTube. The latter is where the Baby Shark video has reached over 8.6 billion views.
Shares of Samsung Publishing – a significant shareholder and the producer of the viral song and video – increased more than 10 percent after Musk's Tweet. Despite having the same name, the publishing company does not have any affiliation with the multinational technology company Samsung.
The company's shares had previously surged more than 76 percent in 2018 after Baby Shark went viral. As we know, this is not the first time Musk's tweets have had an effect on the stock market. Recently, shares of cryptocurrencies Bitcoin and Ethereum plummeted after the billionaire announced Tesla would no longer accept Bitcoin as payment.
However, despite the drop in Bitcoin, his tweets following him working with Dogecoin developers to improve efficiency has been linked to the increase in shares of Dogecoin.
What will Musk's future tweets have in store for the stock market?