[THE INVESTOR] JYP Entertainment CEO Jung Wook, on Aug. 3 announced that he sold off 29,896 shares under a stock option scheme and made a profit of 543 million won (US$482,881.30).
The head of one of the top three K-pop powerhouses here received around 700 million won, including around 157 million won spent for exercising the stock option.
JYP Entertainment CEO Jung Wook
He sold off his shares for 23,399 won apiece, which was four times more than the price he paid to buy them last month at 5,231 won.
Industry watchers project that more executives of JYP, including Cho Hae-sung and Byun Sang-bong, co-vice presidents, who each bought 30,000 shares for the same price as Jung, will also likely cash out, after seeing JYP’s stock price dramatically rise since the end of last year.
The company’s shares has increased more than 200 percent over the last one year, and hit a record-high of 26,600 won on July 13.
The recent rise of JYP shares is mainly due to the outstanding performance of its artists, including Got7 and Twice. Moreover, Big Hit’s boyband BTS topped the US Billboard 200 chart in May helping boost the overall entertainment industry in Korea, sources said.
On Aug. 6, the shares closed 3.66 percent lower at 22,350 won.
By Song Seung-hyun (firstname.lastname@example.org)