Investor Shift Putting Pressure on Tesla

According to a Bloomberg report, based on calculations using deposit records, approximately $657 million was withdrawn from Tesla in August alone. This is considered the largest monthly outflow of Korean capital since February 2023. Tesla, an electric car manufacturer, had previously received high levels of support from Korean investors, who were considered optimistic foreign investors.

Investment experts point out that Tesla’s growth has slowed and that Korean investors have lost confidence in the company. They also warn other investors about this issue. The main reason for this uncertainty is considered to be increased competition from Chinese electric vehicle companies. Concerns are also emerging about Tesla’s expected global deliveries in the second quarter.

In addition to all this, Elon Musk’s relationship with President Trump and the risk of verbal conflict are another reason for investors to be on alert. However, not all Korean investors have completely exited Tesla. They still hold $21.9 billion worth of Tesla shares. However, these exits did not only affect the shares. It is also known that they had some impact on the Tesla Double Leveraged ETF. The largest exit since February 2024 is said to be the $554 million exit in August.

Koreans Show Strong Interest in Crypto Stocks on US Exchanges

Koreans have shown a high level of interest in crypto stocks on US exchanges in recent months. In fact, it is known that they have purchased more than $12 billion worth of investment instruments since 2024 alone. Data from August also provides clear information about the size of these purchases.

Looking at these investments, it can be seen that $426 million was transferred to Bitmine Immersion Technologies. At the same time, it is stated that $226 million was transferred to Circle and $183 million to Coinbase. These developments show that digital assets are becoming more accepted locally with each passing day.

Politicians Take a Positive Approach to Cryptocurrency

Approximately 20% of South Koreans are interested in cryptocurrency investments. Interest in cryptocurrency is particularly high among those aged 20 to 50. Although discussions on taxation in this area are still ongoing, politicians are taking positive steps in this direction. Although there was a very cautious approach to this field in the past, today there is more focus on the institutionalization of the sector.

Koreans are among the largest investor groups in US stocks. Such high-intensity buying and selling activities can also have different effects on prices. In short, the great dynamism in Tesla is gradually giving way to crypto.

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DeVocht’s portfolio reached its peak on Nov. 30, 2021, but as Tesla’s stock price plummeted in 2022, so did his wealth. He was forced to sell Tesla shares and repay loans from a margin account, causing his investments to collapse. DeVocht argues that RBC and his tax adviser from Grant Thornton LLP were responsible for helping him preserve his wealth, but their alleged failure to provide proper financial planning advice contributed to his downfall.

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In his lawsuit, filed in the Supreme Court of British Columbia, DeVocht seeks damages, legal costs, and interest, claiming that his advisers’ actions resulted in the total loss of his net worth. While the defendants have yet to respond to the lawsuit, the case has drawn attention for its parallels to high-risk trading in other markets, including cryptocurrency.

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