Bang Si Hyuk's Net Worth Doubles to $3.2 Billion in Just a Few Months
Bang Si Hyuk's fortune is continuously growing!
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Bang Si Hyuk's Net Worth Doubles to $3.2 Billion in Just a Few Months
On July 12 local time, media outlet Bloomberg reported on HYBE's founder and chairman, Bang Si Hyuk's net worth, which had doubled in just a few months thanks to a surge in HYBE's shares.
According to Bloomberg Billionaires Index, Bang Si Hyuk, who owns 34 percent of HYBE, is now worth $3.2 billion USD (approximately 3.66 trillion won), after the company - formerly known as Big Hit Entertainment - saw an increase of 130 percent since going public in South Korea back in October 2020. Just a few months ago, Bang Si Hyuk's net worth was around $1.5 billion USD (approximately 1.71 trillion won).
Bang Si Hyuk's increase in net worth can be attributed to the success of HYBE's artists, such as BTS, TXT, ENHYPEN, and more. As well as HYBE's acquisition of Scooter Braun's Ithaca Holdings, home to popstars Ariana Grande, Justin Bieber, Demi Lovato, and more, earlier in April.
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Park Sungho, an analyst at Yuanta Securities, an investment company, said that HYBE had managed to bring other entertainment players over to its side, which helped earn the trust of investors that HYBE's business will do well.
Back in April, HYBE revealed that they had acquired Ithaca Holdings for $1.05 billion USD (approximately 1.2 trillion won). Scooter Braun subsequently became a co-CEO of HYBE America following the acquisition.
According to the company filings, Scooter Braun has a one percent stake in HYBE, which is already worth $123.7 million USD alone (approximately 141.5 billion won). Each member of BTS also has a stake in the company, with each having shares valued at $18.3 million USD (approximately 20.9 billion won).
HYBE Continues to See Growth
HYBE was founded back in 2005. According to Bang Si Hyuk, the company almost became bankrupt until BTS released their debut album in June 2013. Many years later, HYBE became one of the highest-earning companies in South Korea.
In HYBE's initial public offering prospectus last year, they revealed that almost 88 percent of the company's revenue in the first half of 2020 had come from BTS alone.
The shares for HYBE is traded at around 52 times more than the estimated earnings, as compared to the average of 12 times for the benchmark KOSPI index.
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While some would say that HYBE needs to find the "next BTS," HYBE is already working on going beyond BTS.
Gina An, an analyst at eBest Investment & Securities, said, "It's [HYBE] moving in a direction to minimize its reliance on BTS. Other boy groups at HYBE have gained more popularity and it has also added global artists."
What are your thoughts on HYBE's stock growth?
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Written by Robyn Joan
