Elon Musk's tweet on 'Baby Shark' song sends Samsung Co's shares soaring

Korea-based Samsung Publishing Co., a shareholder in the producer of the "Baby Shark" YouTube song, surged to its highest level in more than a month after SpaceX and Tesla CEO Elon Musk tweeted about the kiddie pop jingle. Musk, during Asian trading hours, tweeted, "Baby Shark crushes all! More views than humans," along with a video clip of the song.

His tweet triggered a rally in Samsung Publishing's shares, which due to the billionaire's influence sent the company's share soaring. Shares in Samsung Publishing, which owns the second-largest stake in the song's producer SmartStudy Co., climbed almost 10 per cent since May 7. These gains helped the stock to more than quadruple gains since the song became popular by end of 2018.

Even a cryptocurrency named after the song, Baby Shark Token, was minted last month. "Baby Shark (Doo Doo Doo Doo Doo Doo)" became a YouTube sensation in 2018. It has been viewed nearly 8.7 billion times and has made it to the Billboard Hot 100 chart in multiple weeks.

This is not the first time Musk's tweet has influenced assets of other firms ranging from cryptocurrencies like Bitcoin and Dogecoin to equities including the so-called meme stocks.

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