Elon Musk’s Latest Tweet Pushes ‘Baby Shark’ Publisher's Shares Soaring

The “Musk Effect” was in full force after the Tesla CEO tweeted about the children’s song “Baby Shark,” causing the earworm tune producer’s shares to spike on Wednesday.

Samsung Publishing, a major shareholder in “Baby Shark,” saw its share price gain as much as 10% in regular trading on Wednesday, with gains close to 6.29%, CNBC reported.

The company, which has no affiliation with the Samsung Group, saw its share price rise after Elon Musk tweeted on Tuesday evening, “Baby Shark crushes all! More views than humans.”

This is not the first time Musk has seemingly swayed the share price of a company’s stock with a single tweet. Musk has referenced Etsy, Signal, GameStop, Shopify, and Cyberpunk’s CD Projekt in recent months, causing their stock prices to soar following his posts.

In a post about Signal, Musk referenced a chat app but caused the shares of a small medical company, Signal Advance, to surge over 435% instead as fans clamored to the stock, the New York Post reported.

The billionaire has influenced the price of Dogecoin on numerous occasions through memes or posts that reference the Shibu Inu cryptocurrency coin. He has said that the currency is the “people’s crypto,” as well as saying that he has bought Dogecoin for his son, and that he is “getting a Shibu Inu.”

The viral song “Baby Shark” rose to popularity in 2018, when it sent Samsung Publishing shares up more than 76%. The song, which hit the top 40 charts in the U.K, has over 8 billion views on YouTube.