Musk: "Koreans are smart people"... The reason he commented personally

As Tesla has become the stock most held by Koreans, Elon Musk, Tesla's CEO, responded to Korean investors by calling them "Smart people."

The social media account 'Teslaconomics' on X (formerly Twitter), which shares Tesla-related news, stated on the 8th (local time), "Tesla is the #1 stock held by Koreans today ($TSLA is the #1 stock held by Koreans today)." In response, CEO Musk commented, "Smart people." The account also posted an image combining the Taegeukgi (Korean flag) with the Tesla logo, and as of 3:20 PM on the 9th, the post had about 220,000 views.

Tesla Economics' X Post [Image Source = X Capture]

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According to the Korea Securities Depository, as of the 4th, the amount of Tesla stock held by domestic investors was $14.67 billion (approximately 20.3 trillion KRW), ranking first among overseas stocks. The amount held for Nvidia, which dropped to second place, was $13.42 billion (approximately 18.5 trillion KRW). Nvidia, a leader in artificial intelligence (AI) semiconductor chips, had surpassed Tesla at the end of May to become the top overseas stock holding, but after about a month, Tesla reclaimed the number one spot.

The reason Tesla was able to overtake Nvidia lies in the recent surge in its stock price. Tesla's stock on the New York Stock Exchange rose for nine consecutive trading days starting June 25, increasing by more than 37% during this period. On the 5th, it closed at $251.52, recovering all losses incurred earlier this year. Especially on the 2nd, Tesla's Q2 vehicle delivery results (approximately 444,000 units) exceeded market expectations (around 430,000 units), causing the stock price to jump 10%, boosting investor sentiment. Right after the Q2 delivery figures were released, Wall Street commented that "the worst is over."

While Tesla's stock rally delighted shareholders, it caused significant losses for short sellers. The U.S. financial media CNBC, citing financial data firm S3 Partners, reported that Tesla's stock price jumped 17% over two days on the 2nd and 3rd, resulting in $3.5 billion (approximately 4.85 trillion KRW) in losses for short sellers. In response, CEO Musk targeted them on X, saying, "If Tesla completely solves autonomous driving issues and mass-produces Optimus (its self-developed humanoid robot), everyone holding short positions will be ruined."

Now, investors' attention is focused on the upcoming Q2 earnings announcement scheduled for the 23rd and the August event. At the August event, Tesla is expected to make announcements related to its dedicated robo-taxi.

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