From the trends we have seen in the digital currency ecosystem, Elon Musk’s tweet is an indication of the amount of influence he has in the broader investment landscape.
The shares of Korean firm Samsung Publishing Co Ltd (KRX: 068290) have taken a new leap following Elon Musk’s tweet about ‘Baby Shark’, a simple and catchy song created for children. The tweet was in response to claims about the meme stars recording more views online. Elon Musk waded in, saying “Baby Shark crushes all! More views than humans.”
Baby Shark crushes all! More views than humans. https://t.co/48Ol3ZzhjP
— Elon Musk (@elonmusk) June 1, 2021
The Baby Shark video song series has been around for many years, however, the recent version that is making waves today was created by Pinkfong, a division of SmartStudy. SmartStudy is a subsidiary of Samsung Publishing, a firm that maintains no ties to Samsung Electronics Co Ltd (KRX: 005930).
Following the tweet, the shares of Samsung Publishing are up 6.29% to 47,300 Korean Won at the time of writing. Baby Shark currently has 8,681,529,442 views since it was posted on YouTube in 2016. The shares of the parent company are known to always react in response to milestones in the viewing performance of the video. Per a 2018 report by CNBC, Samsung Publishing stock soared 76% when the video topped the viewing charts in the United Kingdom at the time.
US SEC Moves against Elon Musk’s Tweets
From the trends we have seen in the digital currency ecosystem, Elon Musk’s tweet is an indication of the amount of influence he has in the broader investment landscape. As the Chief Executive Officer of the electric automaker, Tesla Inc (NASDAQ: TSLA), Musk has influenced the price of his own company through tweets, as much as he has done for such digital currencies as Bitcoin (BTC), Shiba Inu (SHIB), and his favorite, Dogecoin (DOGE).
Elon Musk has not been a friend of the United States Securities and Exchange Commission (SEC) who through his series of tweets has been fined by the market regulators in the past. In a recent move as first reported by the Wall Street Journal, the SEC has accused the Tesla boss of violating the terms of a 2019 agreement struck in which the automaker is tasked with monitoring the Twitter usage of the CEO.
While Musk has always been vocal on the social media app, the SEC is particularly referencing a May 1, 2020 tweet in which he said Tesla’s stock price was too high. Per the terms of the deal struck with the SEC, Elon Musk is not expected to share core company figures without seeking approvals from the company’s lawyers. The SEC says the company has not played its role in keeping Musk in check.
The actions of Elon Musk in influencing the prices of crypto assets through his tweets may be off the radar of the SEC, however, the latest move against the billionaire is evidence that his Twitter actions are under close monitoring by the regulator, and sanctions may be pursued when it figures out it has erred or committed fraud again.