As South Korean stock markets plunged amid fears of prolonged conflict following U.S. airstrikes on Iran, popular "tycoon memes" that circulated during recent market rallies have been transformed to reflect the downturn and are spreading across online platforms.
According to the Korea Exchange on the 4th, the KOSPI closed at 5,090.79, down 698.37 points (12.11%) from the previous trading day. This marks the largest single-day point drop in history for the second consecutive day. The percentage decline also exceeded the 12.02% drop recorded during the September 11 terrorist attacks in 2001.
The KOSDAQ index closed at 978.44, down 159.26 points (14.00%) from the previous day. This also represents the largest single-day percentage decline in KOSDAQ history.
The KOSPI's losses accelerated rapidly from the opening bell. A sidecar—a temporary suspension of program trading orders—was triggered at approximately 9:06 a.m. following a sharp drop in KOSPI 200 futures. This marked the second consecutive day of sidecar activation. The mechanism halts program trading orders for five minutes when KOSPI 200 futures prices rise or fall more than 5% from the previous day's close for at least one minute.
A selling sidecar was also triggered on the KOSDAQ market at approximately 10:31 a.m., but failed to stem the panic selling sweeping both markets. The KOSDAQ market also saw a circuit breaker triggered alongside the sidecar. The simultaneous activation of circuit breakers on both the main bourse and KOSDAQ occurred for the first time since August 5, 2024—the so-called "Black Monday" that set the previous record for the largest single-day decline.
Amid the market rout, AI-generated meme images featuring Samsung Electronics Chairman Lee Jae-yong and SK Group Chairman Chey Tae-won have been spreading across online communities and stock discussion forums.
The meme originally gained popularity during the KOSPI's bull run. It depicted the two tycoons arriving in a luxury sports car against a war-zone backdrop, extending their hands and shouting, "No time to explain, get in!"—a humorous message urging investors to jump into the stock market.
However, as the recent crash unfolded, the meme has been inverted. New versions show the two chairmen driving away with captions reading, "We'll be back, just wait a bit," or Chairman Lee abandoning his passenger and leaving alone. Another image depicts Chairman Lee in a helicopter shouting, "No time to explain, get out now!"
The previous day, when defense-related stocks surged early in the session, memes featuring Hanwha Group Chairman Kim Seung-youn and Vice Chairman Kim Dong-kwan also emerged.
Retail investors responded with comments such as "We promised to stick together until the end," "Chairman, where are you going without me?," "I just got in and they're already telling me to get out," and "Is President Trump getting on that thing next?"
The market plunge has been attributed primarily to heightened geopolitical tensions from escalating military conflict between the United States and Iran. Market observers have raised concerns that prolonged conflict in the Middle East could drive up oil and natural gas prices, reigniting inflationary pressures in major economies including the United States.