A fact little known outside South Korea is that PSY’s father, uncle and grandmother own a combined 30 per cent of DI Corp., a company that makes equipment that semiconductor companies use to make computer chips.
It’s a stretch to plausibly explain how the success of Gangnam Style will boost DI’s profits but that doesn’t matter to the South Korean stock market. Perhaps inspired by the pure power of pop, DI shares surged eightfold from July after PSY’s hit reached No. 2 on the Billboard Hot 100 and No. 1 on the U.K. singles chart.
It was time to cash in for PSY’s grandmother, who sold 5,378 shares for about $65,000.
The value of CEO Yang Hyun-suk’s stake has swelled to about $200 million, making him the richest man in South Korea’s entertainment industry.