South Korean individual investors have abandoned Tesla shares and turned to cryptocurrencies. According to foreign media data, in August, they net sold Tesla shares worth $657 million (about HK$5.125 billion), recording the largest net outflow since the beginning of 2019. Bitmine Immersion, regarded as an Ethereum concept stock, recorded a net inflow of $253 million (about HK$1.973 billion).
Reports indicate that the enthusiasm of retail investors worldwide for Tesla is waning, with a net outflow of $1.8 billion in the past four months. During the pandemic, South Korean traders flocked to US tech stocks like Tesla and once bought Tesla shares frantically, but now they are diverting their funds to other assets.
However, data shows that Tesla is still the most popular foreign stock among South Korean retail investors, with a total holding of about $21.9 billion, while Nvidia and Palantir rank second and third.
