K-Pop sensations, BTS deny they are splitting up after their shares plunged 34%, wiping $1.7 billion off its market value following ‘hiatus’ announcement
K-Pop sensations, BTS have denied they’re splitting just one day after announcing a ‘hiatus’ that has seen their shares plunged 34%, wiping $1.7 billion off its market value
The South Korean band said Tuesday’s statement got ‘lost in translation’, after apparently saying they were taking a break to pursue solo projects.
While bandmates will pursue solo projects, they will remain an active group for the foreseeable future, it has been claimed.
According to TMZ, BTS backpedaled and sparked rumors they’ve been enticed to stay together after their announcement sent shares in record label HYBE plunging by 34 percent. That wiped close to two billion off the firm’s market cap after the Tuesday announcement during their annual FESTA dinner.
Speaking in Korean and with English subtitles in the celebration of the band’s nine years together, bandmember RM said it was time for them to work on their own and announced are on ‘temporary hiatus.’
Members Jungkook, 24, Jin, 29, RM, 27, V, 26, Suga, 29, J-Hope, 28, and Jimin, 26, broke down in tears during the Festa video as they talked about taking time off to ‘grow.’
On the South Korean live streaming app VLive Wednesday, bandmate Jungkook reportedly addressed the ‘misunderstanding’ on video.
A BTS representative told Rolling Stone that the group will not be disbanding, but some members will pursue their own projects.
The representative also told the outlet that BTS will be shooting a video for ‘Run BTS’ in the upcoming months.
Tuesday’s unexpected announcement fueled anger among investors in HYBE.
‘They’ve planted ‘dynamite’ in the hearts of shareholders,’ one wrote on a Samsung Securities stock trading platform, referring to one of the group’s hit songs.
HYBE shares had performed relatively poorly in recent months, and the company’s chief executive and some BTS members unloaded stock totaling $10 billion won in December.
BTS is a South Korean boy band that was formed in 2010 and debuted in 2013. They are also known as the Bangtan Boys.
In December 2021, they said they needed some downtime to recharge. And they also took a mini-break in 2019.
In 2021, the group’s management company Big Hit Music said in a statement: ‘We would like to inform you that BTS is planning to take a second official extended period of rest since their first in 2019. BTS stayed active in order to engage with fans in 2020 and 2021 amidst the Covid-19 situation, and achieved dazzling results to cement themselves as top global artists.’
In 2019 it was also announced the band needed some time.
‘This period of rest will be an opportunity for the members of BTS, who have relentlessly driven themselves towards their goal since their debut, to recharge and prepare to present themselves anew as musicians and creators,’ it was shared at the time.
‘This will also provide them with a chance to enjoy the ordinary lives of young people in their 20s, albeit briefly.’