Shares of HYBE fell 27.5% in early trading Wednesday morning following Tuesday’s news the Korean company’s cornerstone act, K-pop superstars BTS, will take time off for its seven members to pursue individual opportunities.
HYBE shares opened at KRW 168,000 on Wednesday after closed at KRW 193,000 on Tuesday. Within the first hour of trading, HYBE fell as far as KRW140,000, knocking off about $1.7 billion of market capitalization, before rebounding to KRW 145,500. In just one hour, HYBE investors exchanged more than six times the stock’s daily trading average on the Korean Stock Exchange.
Wednesday’s selloff put HYBE’s share price down 59.9% year to date. HYBE wasn’t the only music stock to fall sharply in 2022.

BTS Hiatus News Sends HYBE Stock Plummeting
The Korean music company lost $1.7 billion of market value in the first hour of trading Wednesday.
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