“Senile Grandpa” Trends On Twitter As Netizens Criticize Lee Soo Man And Bang Si Hyuk’s Alleged “Power Grab”
Netizens reacted to HYBE acquiring the largest stake in SM Entertainment.
On February 10, HYBE announced it had purchased shares from SM Entertainment’s founder, Lee Soo Man, making it the largest shareholder in the company.
We signed a contract on February 8 to acquire a 14.8% stake, or 3,523,420 shares, in SM Entertainment that were previously held by Lee Soo Man.
In response, SM Entertainment’s Co-CEOs, along with the company’s top 25 executives, released a statement in which they stated that they objected to the “hostile” acquisition.
As SM is about to make its leap forward into its SM 3.0 era, in which the company will transition to once again become a fan-centric, shareholder-centered company, we would like to make it clear that all employees and artists, together, are against the hostile M&A.
— SM Entertainment Co-CEOs and Executives
Meanwhile, SM Entertainment’s founder Lee Soo Man released a joint statement with HYBE’s chairman, Bang Si Hyuk.
SM Entertainment’s largest shareholder and founder, former executive producer Lee Soo Man and HYBE’s chairman, Bang Si Hyuk, have joined hands so that SM Entertainment and HYBE will become game changers in the world’s popular music.
— Lee Soo Man and Bang Si Hyuk
Response to HYBE’s acquisition, as well as the subsequent statements from the executives involved, was swift. Netizens reacted overwhelmingly in support of SM Entertainment’s Co-CEOs while criticizing Lee Soo Man.
- “I really hate this. It’s not like I liked Lee Soo Man. I just liked the singers signed to him, ㅜㅜ.”
- “Lee Soo Man is so pathetic.”
- “I guess Lee Soo Man is coming back, ㅠㅠ.”
- “Wow, Lee Soo Man is pathetic and pitiful.”
- “It seems Lee Soo Man just $#itted on everything on his way out… Sigh, Kakao said they were merely a strategic partner… I hear no one on the board is on Lee Soo Man’s side. Makes you wonder how much he was making.”
- “I think this really is a case of Lee Soo Man just $#itting on everything… SM no longer exists.”
- “I really hate that grandpa.”
- “I am rooting for Kakao because I don’t want Lee Soo Man in SM.”
- “SM hwaiting.”
Fans also took to Twitter to criticize Lee Soo Man and Bang Si Hyuk. As of writing this article, “Senile grandpa” and “Bang Si Hyuk, you pig” were trending.
나는 그래도 할배가 케이팝선구자 어쩌고 가오를 조금이라도 챙기는 사람인줄 알았는데 걍 돈에 눈이 돌아버린 노망난 할배엿네요
— 곰곰 (@nctmoon0908) February 10, 2023
I thought the grandpa cared at least a little about being K-Pop’s pioneer, but he’s just a senile grandpa blinded by money.
할배 진짜 노망났냐고..
이미 많이 해드셨잖아요 ㅁㅊ
죽을 때 돈 들고 갈 거임??
— 부옥 (@buuokee) February 10, 2023
Grandpa, are you senile?… You’ve already made a lot of money. Are you going to take money with you when you die?
- “Bang Si Hyuk, you pig.”
- “Senile grandpa.”
- “Same label.”
Meanwhile, Dispatch released an article revealing why Lee Soo Man may have had no choice but to sell his shares to HYBE. Click the link below to read further.
Dispatch Reveals Lee Soo Man Selling His SM Entertainment Shares To HYBE Was His Only Option Left