HYBE's stock price dropped after its subsidiary, Belift Lab, faced controversy over a video denying the similarities between the groups ILLIT and NewJeans.
On June 10, Belift Lab uploaded a video titled 'Belift Lab's Position on Plagiarism Claims' on its YouTube channel. The next day, on the 11th, HYBE's stock closed at 198,000 KRW (144.41 USD) per share, down 2.22% from the previous trading day.
Additionally, even though BTS member Jin completed his military service and was discharged today (June 12), the stock price continued to decline. Many pointed to the video posted by Belift Lab as the primary reason for this drop in stock value.
The video posted by Belift Lab on the 10th aimed to refute the plagiarism allegations raised by Min Hee Jin, CEO of ADOR, regarding the similarities between ILLIT and NewJeans. However, both industry insiders and netizens criticized the rebuttal as being forced, leading to a backlash.
On the same day, Belift Lab also announced through their official social media accounts that they would take legal action against Min Hee Jin and malicious commenters who raised plagiarism allegations against ILLIT and NewJeans.
Furthermore, some analysts believe that Belift Lab's actions were seen as a negative response to Min Hee Jin's reconciliation offer to HYBE during a press conference after she avoided dismissal from her CEO position at ADOR. This perception contributed to the decline in HYBE's stock price.
SEE ALSO: ILLIT is the highest-ranking K-pop group on the '2024 Billboard Year-End Charts'
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“Stocks rise when Jin comes back from military service” “Stocks fall when Belift makes a video”. It’s hard to generate views when MHJ doesn’t hold a press conference, obviously.