BTS announces shift to solo work, leading to a $1.7 bn rout in the market

Bangtan Boys, more commonly called BTS, made the announcement to pursue solo projects in a video posted on YouTube, which has already got more than 10 million views.

Shares of Hybe Co., the agency that manages the South Korean pop phenomenon BTS, plunged by a record after the band said they’ll focus on individual projects for a while.
 

Hybe sank as much as 28% on Wednesday in Seoul, headed for its lowest close on record since its trading debut in October 2020 and wiping out as much as $1.7 billion in market value. The stock is down nearly 60% so far this year, significantly underperforming the broader equity benchmark amid uncertainties about the future of the BTS juggernaut.

In the nine years since their debut BTS