Tesla Sees Korean Retail Exodus as Investors Turn to Crypto

South Korea’s retail investors are losing faith in Tesla Inc.’s stock, ramping up their selling last month amid growing disillusionment with the electric carmaker and rising interest in cryptocurrencies.

Individual investors in Korea sold a net $657 million of Tesla stock in August, the largest outflow since at least early 2019, according to Bloomberg calculations of depository data. Investors have instead favored even more volatile bets such as Bitmine Immersion Technologies Inc., seen as a proxy for Ether, which drew $253 million of net inflows.