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`Gangnam Style` raises stock value of Psy`s mgmt. agency CEO

`Gangnam Style` raises stock value of Psy`s mgmt. agency CEO

Posted October. 03, 2012 03:14,   


The worldwide popularity of rapper Psy`s hit "Gangnam Style" has boosted the stock holdings of Yang Hyun-suk, CEO of YG Entertainment, a major entertainment company that represents Psy, from 130th place to 49th, said Chaebul.com Tuesday.

Ranking the wealthiest conglomerates and individuals in the nation, the website said Yang`s stocks jumped 161.8 percent in value Friday from Jan. 2 this year to 340.2 billion won (305.5 million U.S. dollars), rising more than 200 billion won(179.6 million dollars) this year. Yang`s stock value surpassed that of SM Entertainment`s Chairman Lee Soo-man to make the former the richest stockholder among Korean entertainer-turned-entrepreneurs.

On the tech-heavy KOSDAQ market Tuesday, YG`s share price rose 12.17 percent from Friday to close at 106,900 won (96 dollars). The company`s stock value was 1.06 trillion won (948 million dollars), ranking ninth on the KOSDAQ in total market capitalization.

Samsung Electronics Chairman Lee Kun-hee remained the country`s wealthiest shareholder with a rise in stock value of about 2 trillion won (1.79 billion dollars) over the past nine months. He held 10.86 trillion won (9.7 billion dollars) worth of shares Friday, up 1.97 trillion won (1.7 billion dollars) from Jan. 1.

SK Group Chairman Chey Tae-won fell in the rankings to sixth Friday from fourth in January. His stocks declined 411.9 billion won (370 million dollars) in value.