BTS Became Multi-millionaires Today
In the music industry you hear a lot of stories from artist that are broke. They had huge hits on the radio and due to the evil record labels or poorly negotiated deals these people ended up in the poor house. This is not one of those stories. BTS the kpop boy band that has garnered international fame became multi-millionaires today. They were already millionaires Business insider reported the following today:
- BTS, the seven-member Korean boy band, has raked in a fortune after its record label's hit IPO doubled upon its stock market debut in Seoul.
- Big Hit Entertainment's shares soared as much as 160% from their IPO price on Thursday, pushing the company's market value to 10 trillion won ($8.5 billion).
- The band members were already millionaires after Big Hit's CEO granted each one an $8 million stake in August.
- The CEO himself, Bang Si-Hyuk, is worth about $1.4 billion.
Here's is how it all developed according to Business insider
South Korea's Big Hit Entertainment started trading on the Seoul stock exchange at 270,000 won ($253), compared to last month's 135,000 won initial public offering price, lifting the company's market value to 10 trillion won ($8.5 billion) on a fully diluted basis.
The record label's stock rose as high as 160% from its IPO price to 351,000 won ($305), while the overall Kospi index dropped 0.3% on Thursday. Its shares ended trading about 90% higher.
Big Hit, headed by chief executive Bang Si-Hyuk, has seen an influx of investor orders thanks to the global star power of the celebrated boy band, despite COVID-19 disrupting the live-music and entertainment industry this year.