It turns out that an investor is not only a person willing to earn but a fan who bets on a company based solely on personal preferences. It is about Elon Musk’s loyal admirers who are ready to spend millions of dollars on Tesla’s shares.
In late August, private investors from South Korea, who are Tesla’s keen supporters, invested as much as $15 billion in the electric car maker, thus expanding their portfolios more than tenfold. Tesla’s buying spree has made the diaspora of private investors from South Korea the key shareholders of one of the world’s largest companies by market capitalization. Still, there are hidden motives for this buyout. With a wealth gap widening in South Korea, most of these investors see risky betting on stocks and crypto as their only way to financial independence. In early August, Musk sold 7.9 million shares of Tesla worth $6.9 billion to accumulate cash ahead of a legal battle with Twitter, the social network he agreed to acquire for $44 billion. The billionaire may need cash if Twitter forces the deal to close.
