The moment Galaxy Corporation announced their press conference to talk about G-Dragon’s future, YG Entertainment stocks have taken a hit.
On December 22, YG Entertainment’s stock price concluded at 52,000 won (approximately 40 USD), marking a downward trend for the fourth straight trading day. This decrease, amounting to a 5.11% drop, has been largely attributed to recent news surrounding G-Dragon, influencing the stock’s performance.
Over a span of four days, YG Entertainment’s shares experienced a sharp decline, falling 2,800 won (approximately 2.16 USD) from 54,800 won (42.19 USD) to 52,000 won (40.03 USD), a 5.11% decrease. This decline wiped out approximately 83.5 billion won (around 64 million USD) from the company’s market capitalization, which now stands at 963.9 Billion won (742.6 million USD).
This isn’t the first time G-Dragon affected YG Entertainment stocks, as in June of this year, YG Entertainment lost $130 million in market cap value following news that G-Dragon didn’t renew his contract.
Read More: YG Entertainment drops $64 million in market cap value following G-Dragon