South Korean family sold the house and invested all the money in Tesla shares - they bought securities for $15 billion
Many South Koreans believe in the success of Tesla. A prime example is one family who invested all of their money in the stock.
Here's What We Know
South Korean investors have coined a new term for themselves - "teslams" - from the words "Tesla" and "Islam". They also use the word "tamen" in their communication. This term is formed from the words "Tesla" and "amen". Novoius in the South Korean way.
Bloomberg told the story of a South Korean family who went all-in and invested all of their money in Tesla stock. The family invested $230,000 in the purchase of the securities. But they didn't actually plan to buy Tesla stock. The family's main goal was to buy a new home. To that end, they sold their home in 2019, but in 2020, amid a coronavirus outbreak that led to a number of restrictions, banks raised interest rates and property values skyrocketed.
Note that investors from South Korea are among the ten largest holders of Tesla stock. Residents of the republic bought up 1.6% of securities worth more than $15 billion. For comparison, former CEO of Oracle Larry Ellison owns 1.4% of shares.
Source: Bloomberg
Image: Wired
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