HYBE stock price dips after audit of NewJeans agency ADOR
nme.comHYBE has dipped following the start of an internal audit of executives from its subsidiary, ADOR.Earlier today (April 22), it was reported that HYBE are reportedly in a power struggle over NewJeans’ K-pop agency ADOR with its CEO Min Hee-jin.
The entertainment giant has since confirmed that it has launched an internal audit of ADOR executives over suspicions that they were trying to take control of the company.Since the news broke, the stock price of HYBE has dropped by 7.8 per cent as time of writing, hovering at a price of about KRW212,500 (roughly USD154).
The stock price of HYBE had originally opened at KRW233,500 on April 22.ADOR was founded as a wholly owned subsidiary of HYBE in 2021.
The entertainment giant’s stake in the K-pop agency has since gone down to 80 per cent, with Min acquiring about 18 per cent of the company in 2023, per The Korea Times.
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