'Squid Game' Star Sparks 69% Jump In Korean AI Advertising Stock
Date
12/11/2023 3:03:15 AM
(MENAFN- The Peninsula) Bloomberg
Shares of a South Korean firm that uses artificial intelligence to produce advertising jumped 69% in two sessions after it said Squid Game star Lee Jung-jae would become its biggest shareholder.
Wider Planet Inc. surged by its daily limit of 30% for a second-straight session after saying Friday that Lee will hold three million shares in the company following a rights offering payment date on Dec. 20. Jung Woo-sung, another popular actor, was also listed among the company's new shareholders after the issue.
Lee's social life and perceived ties to South Korea's justice minister - who is seen as a potential presidential candidate - have helped spark sudden gains in other stocks recently. Entertainment has been a popular source of trade ideas among the nation's enthusiastic retail traders. Squid Game fueled gains in a number of related companies when it surged to the top of Netflix Inc. rankings in 2021.
Wider Planet, which has a market value of about $33 million, is listed on the Kosdaq small-cap market. The company offers a marketing services platform that utilizes automated big-data analysis and artificial intelligence.
Shares of Wysiwyg Studios Co., a production company that is acquiring a stake in Wider Planet through the rights offering, also surged by the 30% limit Monday.
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