South Korean family sold house and invested all money in Tesla shares - residents of the country bought securities worth $15 billion

Many South Koreans believe in the success of Tesla. A striking example is one family that has all its own

money invested in stocks.

What is known

South Korean investors coined a new termfor themselves - "Teslamists" - from the words "Tesla" and "Islam". In addition, in communication they use the word "temin". This term is formed from the words "Tesla" and "amen". Newspeak in South Korean.

Bloomberg told the storya South Korean family that went all-in and invested all their money in Tesla stock. The family invested $230,000 in the purchase of securities. But in fact, they did not plan to buy Tesla shares. The main goal of the family was to acquire a new home. To do this, in 2019 they sold their house, but in 2020, against the backdrop of the coronavirus outbreak, which led to a number of restrictions, banks raised interest rates, and the value of real estate increased sharply.

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Note that investors from South Korea are included intop 10 Tesla shareholders. Residents of the republic bought up 1.6% of securities worth more than $15 billion. For comparison, former Oracle CEO Larry Ellison owns 1.4% of the shares.

Source: Bloomberg

Image: Wired

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