In one day, the group's label HYBE saw its market value decline $1.7 billion. The drastic plunge underscores how South Korea's bestselling boy band has become not only a cultural sensation but also a powerful stakeholder in South Korea's economy
A man walks past a mural depicting RM, a member of K-pop group BTS, in Goyang, northwest of Seoul, on June 15, 2022. (Photo by Anthony WALLACE / AFP)
The fallout from BTS’ announcement on Tuesday that the K-pop juggernaut would be taking a break as members explore solo careers was immediate and drastic.
In just a day, the stock price of the group’s management label, HYBE, plummeted 28% to 139,000 won ($108) — its lowest price since the company went public nearly two years ago, shedding $1.7 billion in market value. The stock price has barely moved since.
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