HYBE America’s CEO, Scooter Braun, who is also an executive of HYBE’s registered office and the representative of its US subsidiary, has sold a large amount of HYBE shares.
Recently, HYBE announced that CEO Braun, who is a registered executive, sold 68,500 common shares, equivalent to 0.16% of HYBE’s stake, through after-hours trading. With a disposal price of 277,000 won per share, the total amount of the sale is approximately 18.5 billion won [$14,162,679]. As a result, CEO Braun’s stake in HYBE decreased from 1.03% to 0.87%.
Braun is known for discovering Justin Bieber and nurturing him into a global pop star. The media and entertainment company he founded was acquired by HYBE in April 2021.
On the same day, HYBE’s stock price showed a decline. Based on the closing price, HYBE’s shares recorded 270,000 won, a decrease of 2.7% from the previous day. It even fell by up to 5% during trading hours. Large-scale selling of shares by insiders, including the CEO, typically has a negative impact on the stock market.