3 BTS members sell $8m of Hybe shares, all 7 set quarantine after US concerts
Three members of K-pop group BTS have sold some of their shareholdings in Hybe Corporation, the management company that launched them, netting them a combined $8.4 million Variety reports.
All seven idols, the report adds, are expected to miss the Mnet Asian Music Awards (MAMAs) awards show in Seoul, following the reintroduction of health restrictions in South Korea due to the Omicron variant of the COVID-19 virus.
The Bloomberg financial news agency reported that Jin, J-Hope, and RM sold close to 32,000 shares in Hybe, previously known as Big Hit Entertainment.
Before the company listed on the stock market 14 months ago, Hybe granted the seven band members a combined 479,000 shares. The shares have more than doubled in value since the IPO and are now worth over $165 million.
Bloomberg said that the band is trying to maximize its income before a hiatus when its members have to sign up for Korea’s mandatory military service.
The law was recently revised, allowing longer deferments for prominent talent. But the oldest member Jin (real name Kim Seok-jin) is unlikely to be able to delay his conscription before the end of 2022.
The band members are currently in Los Angeles, where they have performed their first live in-person concerts in over a year. They are due to play on Friday at the iHeartRadio Jingle Ball Tour and their return to Korea will fall after the reintroduction Friday of quarantine measures.
“All international arrivals will be required to undergo mandatory quarantine for 10 days for the next two weeks starting Friday, regardless of whether they are vaccinated, Korean health authorities said Thursday. Korean citizens and long-term residents will be allowed to self-isolate at home. Other visitors will be sent to government-selected facilities.
The 10-day mandatory self-quarantine will make the group unable to attend the MAMA show, the Yonhap news agency reported. The MAMAs are currently scheduled to be held as an in-person event on Dec. 11, 2021.