South Korean boy band, BTS have denied that they are splitting up after their shares plunged 34%.
This is coming a day after they announced a ‘hiatus’ that has seen their shares plunge 34%, wiping $1.7 billion off its market value.
The K-Pop sensation claimed that their statement on Tuesday got ‘lost in translation’.
The group had reportedly clarified that they were taking a break to pursue solo projects.
However, they have now declared that they will remain an active group for the foreseeable future.
According to TMZ, BTS are making a U-turn on their decision after their announcement resulted in record label HYBE plunging by 34 percent.
It wiped nearly two billion off the firm’s market cap after the Tuesday announcement during their annual FESTA dinner.
During the celebration of the band’s nine years together, bandmember RM stated that it was time for them to work on their own mentioning a ‘temporary hiatus.’
Jungkook, Jin, RM, V, Suga, J-Hope, and Jimin all broke down in tears during the Festa video amid the announcement.
Jungkook reportedly addressed the ‘misunderstanding’ on the South Korean live streaming app VLive on Wednesday, June 15.
A BTS representative told Rolling Stone that the group will not be disbanding, but some members will pursue their projects.
The representative also mentioned that BTS will be shooting a video for ‘Run BTS’ in the coming months.
One of the angry HYBE investors wrote on a Samsung Securities stock trading platform, ‘They’ve planted ‘dynamite’ in the hearts of shareholders”.
HYBE shares had performed relatively poorly in recent months, as 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.
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