Global sensation BTS has recently been at the center of discussions in the business and entertainment industry. The global music industry has been in massive surprise after rumors circulated that BTS members have sold their HYBE Entertainment shares. But did they, really? Does this indicate BTS relinquishing their HYBE ownership as shareholders? Find out more in the following complete report.
BTS Allegedly Sold HYBE Entertainment Shares
Unexpected rumors have spread in the global music and business industry that BTS members have strategically sold their HYBE Entertainment shares in the market.
On November 17, media outlets reported that global supergroup BTS had allegedly sold their HYBE Entertainment shares. Additionally, there are suspicions that the BTS members might have lost their ownership as HYBE’s shareholders.
According to the now-deleted report, this information was available in the DART (Data Analysis, Retrieval, and Transfer System). The information available on November 14 through this system shared that all BTS members have dropped a significant percentage of their HYBE Entertainment shares in the stock market. And they did it in September this year.
In addition to BTS members, Korean gaming company Netmarble has reportedly sold 6% of their HYBE shares as well. This resulted in a massive drop of HYBE’s share price in the stocks market.
Further in the reports, more details elaborated on the number of shares BTS members sold in the market. Several reports revealed that BTS RM had sold 58,000 HYBE shares (10.89 million USD), Jin had sold 52,385 HYBE shares (9.8 million USD), SUGA sold 68,385 shares (12.81 million USD), and j-hope reportedly sold 62,784 shares (11.8 million USD), while Jimin, V, and Jungkook reportedly sold the same: 68,385 shares (12.81 million USD) each.
These suspected sales had caused a massive stir in the business and entertainment industries. After all, BTS has been the pillar of the company, the core, and the icon that helped HYBE grow into the giant company it is today.
Did They REALLY Lose Ownership as HYBE’s Shareholders?
Responding to the circulating reports, Kpop’s giant company HYBE finally clarified in an official statement.
On the same day after the rumors wildly circulated on the internet and social media, Yonhap News reported that it was all misconceptions.
In fact, BTS had terminated their ‘shareholder contract’ with HYBE’s chairman, Bang Si Hyuk. This termination also ended their ‘special business relationship’ as the shareholders and chairman of the company.
“BTS members did not sell their shares. It was a contract termination between BTS members and Bang Si Hyuk as ‘special parties’. This situation does not involve any sale or alteration of shares.”
HYBE.
What Does It Mean?
So, what does the contract termination mean?
The unique business relationship with Bang Si Hyuk previously meant that BTS members had been delegating all their voting rights to the HYBE’s chairman. It implies that BTS members did not need to attend important shareholder meetings and relied on Bang PD to legally execute their decisions.
By ending the ‘special business relationship’, Bang PD no longer has the authority to vote for the BTS members. Instead, all seven members of BTS can now legally exercise their own voting rights according to the percentage of the shares they own.
Finally, rumors about BTS having sold their HYBE Entertainment shares were evidently not true.
On the contrary, all seven members of BTS will be able to take part in all of HYBE’s future decisions that involve the shareholders. Instead of losing ownership as the shareholders, this termination solidifies BTS members’ influence as HYBE’s key decision-makers.
At last, what do you think about this new change in BTS position at HYBE? Please share your thoughts in the comments.
Source: Twitter, Star News, Yonhap News, Wikitree
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