In a recent development that caused a stir among fans and investors alike, HYBE Corporation, the entertainment powerhouse behind global sensation BTS, has stepped in to clarify a significant misunderstanding regarding the group’s stock ownership.
Misinformation and Clarification
This is investors coment under Hybe— Pjm_Morocco 🇲🇦 (@MoroccoJm) November 17, 2023
stock price status on naver Hybe investors forum..
They said: netmarbles is sold, BTS is sold, Bang shi Hyuk is
And yess, netmarble sold their shares in Hybe : 6%, 2.5M
But what did they mean with BTS is sold..??? pic.twitter.com/GgZUiw2MRz
A now-deleted news report inaccurately claimed that all seven members of BTS had sold their HYBE stocks, leading to widespread confusion. This report came shortly after the group signed new contracts with HYBE, further complicating public perception.
HYBE, in a statement to Yonhap News Agency, clarified that the BTS members had not sold their stock holdings. Instead, their special shareholder status, established through a unique contract with HYBE founder Bang Si Hyuk, had concluded. “The members did not sell their stocks. It just means that their shareholder contract with Bang Si Hyuk has ended and thus will no longer be considered special related parties. This has nothing to do with stock sales or changes in the stock,” HYBE stated (translated from Korean), dispelling the rumors.
Shareholder Status and Future Prospects
Previously, the BTS members were bound by individual shareholder contracts with Chairman Bang Si Hyuk, which restricted their voting rights and allowed only the founder to vote. With the recent renewal of their contract with HYBE, these previous agreements have become void, paving the way for the members to exercise full voting rights as shareholders in the future.
Bang Si Hyuk, a pivotal figure in the global music industry, recently made headlines by being ranked third on Billboard’s list of the richest in the music industry, holding a 31.8% stake in HYBE, valued at approximately 2.54 billion USD.
BTS Members’ Solo Endeavors
Amidst these corporate developments, the members of BTS have been flourishing in their individual careers. Jungkook recently released his debut solo album ‘GOLDEN’ on November 3, featuring the hit track ‘Standing Next to You’. His performance at the iconic TSX stage in Times Square, New York, was a highlight, and anticipation is high for his upcoming solo concert, ‘GOLDEN: Live On Stage’, set for November 20 in Seoul, South Korea.
V marked his solo debut with ‘Layover’ in September, and RM released his album ‘Indigo’ in December 2022. Meanwhile, Jin, J-Hope, and SUGA are currently serving in the mandatory military service, fulfilling their national duties.