The Day After Hive Employee Was Sent to Prosecution... US Corporation Representative Sold Shares
Hive stock disposal amount approximately 18.5 billion KRW
CEO of Hive US subsidiary since 2021
Three Hive employees sent to prosecution two days ago
Scooter Braun, CEO of HYBE's U.S. subsidiary, sold a large volume of company shares. On the 2nd, Braun disclosed that he disposed of 68,500 shares through after-hours trading at 270,700 KRW per share. The total amount of the sale was approximately 18.5 billion KRW. Earlier, on the 31st of last month, three HYBE employees were referred to the prosecution on charges including insider trading for selling shares after learning in advance about BTS's suspension of activities.
Scooter Braun (far left), CEO of HYBE America, who sold a large amount of HYBE stock on the 2nd (Photo by Billboard)
View original imageCEO Braun is the person who discovered Justin Bieber and developed him into a global pop star. The label (record company) he founded, Ithaca Holdings, was acquired by HYBE in 2021. The acquisition amount was 1.2 trillion KRW. Since the acquisition, Braun has been serving as the CEO of HYBE's U.S. subsidiary, working at the forefront of HYBE's entry and expansion into the North American market. As of 2:43 PM on the 2nd, HYBE's stock price was 270,500 KRW, down 2.52% from the previous day.
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Meanwhile, the Financial Supervisory Service's Capital Market Special Judicial Police (Special Judicial Police) referred three HYBE team leaders and other employees to the prosecution with a recommendation for indictment under the direction of the Southern District Prosecutors' Office. These employees, who were in charge of BTS-related tasks, are suspected of selling shares in advance after learning about the adverse news of the temporary suspension of activities. It was investigated that they avoided losses amounting to approximately 230 million KRW. At that time, HYBE's stock price plunged 24.8% following the news of BTS's suspension of activities.
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