For no other reason than the son of the Chairman and largest shareholder of a Korean semiconductor company has gained $100 million in market capitalization!
You guessed it. He is the father of the maker of You Tube's most 'Liked' (popular) video "Gangnam Style". Being the father of the South Korean semi-rapper PSY, who recorded the insanely popular hit, must be seen as 'good luck' by Korean investors who believe in magic or something.
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Park serves as the chairman and controlling shareholder of South Korean semiconductor company D I Corp. In early August, shortly after the “Gangnam Style” video debuted, the company’s stock was at 1,500 won ($1.34). Now, it has surged to 3,645 won ($3.26). D I Corp’s market capitalization has spiked to more than $100 million.
“The positive sentiment from ‘Gangnam Style’ has attracted investors just because of the fact that the company is owned by PSY’s father and uncle,” Lee Sun-tae, a researcher at NH Investment and Securities, told Reuters, adding that PSY is not a shareholder in the company.
Since the song seeks to mock rampant consumerism and material excess, this direct boost for big business could be seen as just a tad ironic. But hey, fame comes at a price. Or, in this case, at a profit.
‘Gangnam Style’ Doubles the Value of PSY’s Father’s Company | NewsFeed | TIME.com
Sep 21 2012 05:11 PM ET
'Gangnam Style' breaks world record for 'most liked' YouTube video
South Korean superstar PSY’s ”Gangnam Style” music video is the most ”liked” clip on YouTube. Who knew that horse-trotting moves could land you a Guinness World Record?'Gangnam Style' breaks world record for 'most liked' YouTube video
With 2,265,499 likes as of press time, Guinness World Record reports that “Gangnam” has trumped the former most liked video, LMFAO’s ”Party Rock Anthem” (1,574,963 likes)...
The video was posted on July 15 and has since eared PSY, whose real name is Park Jae-Sang, a number one hit on iTunes as well as appearances on the VMAs, Today, Ellen, and Saturday Night Live.
Guinness World Records Community Manager Dan Barrett said in a statement:
“In years past, it was unthinkable that something would be viewed a hundred million times, and now ‘Gangnam Style’ has achieved more than twice this figure in just three months on YouTube."
Source: http://popwatch.ew.com/2012/09/21/gangnam-style-youtube-most-liked-guinness-world-record/
If you’ve been living under a rock and haven’t seen it yet, here’s the video:
