Elon Musk tweets again, shares of Samsung Publishing producer of 'Baby Shark' soar

Samsung Publishing Company popular for “Baby Shark” viral YouTube song witnessed a drastic surge in its market prices after Elon Musk tweeted about the popular jingle, Wednesday. The Seoul-based firm witnessed an increase in its market value of the highest level of 10 percent in nearly a month. “Baby Shark crushes all! More views than humans,” SpaceX and Tesla CEO Elon Musk tweeted while sharing the footage during the Asian trading hours. Samsung Publishing in South Korea owns an estimated 18.57 percent shares in the song's producer SmartStudy Co. Its shares were priced at 47,300 Korean won during Tuesday's morning Asia time, Refinitiv Eikon's data reveals. 

Musk's cryptocurrency market influence

Musk’s tweets have previously influenced the price for the cryptocurrencies Bitcoin and Dogecoin. In February, Musk said that he was a “supporter” of the Bitcoin token and that sent the crypto's stocks flying. Musk also changed his Twitter bio to '#bitcoin'. Bitcoin prices then fluctuated massively on May 19, dipping to a record low after China reinforced the ban on cryptocurrencies. Crypto investors were unhappy with the market turnout and blamed Musk's market influence for loss. Musk also signalled that he had no plans of selling his cryptocurrency despite the market downfall. He tweeted, Tesla has "diamonds hands" using the corresponding emoticon. Further, he tweeted, "Credit to our master of the coin".  Tesla chief's tweets led to an immediate plunge in the prices of the cryptocurrency, which had worsened in the month of May. 

Bitcoin further dopped by 15 percent after Musk cited concerns about the “rapidly increasing use of fossil fuels for Bitcoin mining and transactions” and signalled that Tesla might accept other cryptocurrencies if they are much less energy-intensive. Musk even said that the company won’t be selling any of the Bitcoin it currently holds. During the Asian trading hours, Bitcoin slided further below at $50,000, before paring some of the drops. It was down 8 percent to $50,190 and there were reports of outages at digital-token exchanges as people rushed to sell. The world’s largest cryptocurrency dropped from around $54,819 to $45,700, its lowest since March 1.