Retail Investors Dump Tesla as Inventory Tanks
18 May, 2021
Retail investors in Korea have dumped US$43.27 million worth of Tesla shares up to now this month as the favorite stock tanked.
Tesla, together with Samsung Electronics, epitomized the latest stock-market craze among compact investors in Korea and have been the most famous foreign share since October this past year.
But retail investors got the jitters when the share value started wobbling. After peaking at $900.4 in intra-time trading on Jan. 25, the inventory plunged to just $589.74 on May 14 and the valuation of the Tesla shares held by Korean retail investors fell from $11 billion found in late January to $7.6 billion.
Tesla CEO Elon Musk also made retail investors nervous by blowing hot and freezing on cryptocurrencies. Previous Wednesday he tweeted that Tesla will not accept Bitcoin, simply a month or two after suggesting that cryptocurrency could be used to buy Tesla cars.
"We are concerned about rapidly increasing make use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel," Musk tweeted, discussing the enormous amounts of electricity had a need to mine one Bitcoin.
Just two days soon after, he tweeted that he was dealing with dodgecoin developers "to boost system transaction efficiency" despite calling the digital coin a "hustle" on May 8, leading to its price to tumble.
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