[Asia Economy Reporter Park Ji-hwan] 'Seohak Ants' who had been net selling shares of the U.S. electric vehicle company Tesla for the past four months to realize profits have turned to net buying this month. This is interpreted as seeing the recent sharp drop in Tesla's stock price, caused by CEO Elon Musk's selling spree, as a buying opportunity.
According to the securities information portal SaveRo on the 21st, Seohak Ants net purchased Tesla shares worth $264.24 million (approximately 313.3 billion KRW) in November. If this trend continues, Seohak Ants will switch to net buying Tesla shares for the first time in five months since June.
Tesla was one of the most purchased U.S. stocks by Seohak Ants last year. The net purchase amount of Tesla shares by Seohak Ants last year reached $3.0171 billion (3.5585 trillion KRW).
The net purchase amount peaked at $939.15 million (approximately 1.1134 trillion KRW) in January, then declined to $304.43 million in February, $231.98 million in March, $145.7 million in April, $80.8 million in May, and $12.77 million in June. In July, it shifted to net selling dominance ($26.96 million) for the first time in a year and a half since December 2019, continuing the net selling trend until last month.
The reason Seohak Ants turned to net buying Tesla shares this month is interpreted as the stock price falling. On the 6th, Elon Musk posted a sudden tweet asking to decide whether to sell 10% of Tesla shares. Subsequently, from the 8th to the 12th, he sold Tesla shares worth a total of $6.9 billion (approximately 8.1765 trillion KRW) over five consecutive days. Following this news, Tesla's stock price plunged 15.44% over five days. It is interpreted that investors hurriedly joined the buying spree, seeing the recent price correction as an opportunity.
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