Seoul: Korean music company HYBE, which represents K-pop superband BTS, lost $1.7 billion of market value within the first hour of stock trading on Wednesday (June 15) following the band’s hiatus announcement. On Tuesday, June 14, the seven group members announced that they are going on a hiatus — via a translator — to pursue solo work, which almost instantaneously knocked HYBE shares in South Korean trade down by nearly 28 per cent, reports ‘Variety’.
HYBE shares had fallen by just about 25,000 won on Wednesday morning and continued to drop throughout the day, wiping out $1.7 billion of market capitalisation.
Within the first hour of trading, the shares surged slightly from their starting point of 140,000 won to 145,500 won. The company is currently headed for its lowest close since it went public in 2020.
However, on Wednesday HYBE released a statement backpedaling on the use of the word “hiatus.” The group had spoken in Korean in their video announcement and the word “hiatus” was used in English subtitles. “BTS are not taking a hiatus. Members will be focusing more on solo projects at this time,” the statement said.