ETFs heavy in Elon Musk's Tesla

Tesla did not disappoint and CEO Elon Musk made that clear. "It is notable that Tesla is profitable despite a very challenging environment. And this quarter, actually, is a record Q3 for us" he told investors on the company’s earnings call, while also noting cheaper models are coming. "We are still on track to deliver more affordable models starting in the first half of 2025," he added.Wedbush Securities analyst Dan Ives said Tesla shares could hit $300, a roughly 40% jump from Wednesday’s $213.65 closing price, while comparing the latest quarter to a New York Yankees' superstar hitter."Tesla Delivers Aaron Judge-like Margin Performance vs. Street…Automotive ex-credits gross margin beat at 17.1% vs. the Street’s 15.1% bogey which was front and center metric for the Street as this is clearly an indication that Musk & Co is continuing to focus on its profitability side while balancing its plans for the future" he wrote. ELON MUSK ROLLS OUT ROBOTAXIThe better-than-expected quarter will likely help boost shares that have fallen more than 14% this year and trail the S&P 500 and Nasdaq Composite, which have advanced 21% through Wednesday. The EV maker’s Robotaxi Day this month failed to wow investors.TESLA'S ROBOTAXI IS HEREA handful of exchange-traded funds are heavily weighted in the electric vehicle maker and may be active on Thursday."More specifically, of the 343 ETFs that have positions in TSLA, six of them have heavily concentrated positions of more than 10%" wrote Seeking Alpha. ELON MUSK KICKS OFF MULTIMILLION GIVEAWAY FOR PRO-TRUMP SUPPORTERSMusk and his team also talked about the future of driverless Teslas doing paid rides as soon as next year, the electric semi currently being tested with Tesla's partner, PepsiCo, and the expansion of ride-hailing efforts. Also, Musk's social media site, X, formerly Twitter, and artificial intelligence were also touched on.Year-over-year, total revenue increased 8% to $25.18 billion, slightly below analyst estimates of $25.46 billion. Earnings per share of $0.72 handily beat the analysts' $0.59 estimate. Total gross margins of 19.8% also exceeded expectations of 17%. AMAZON BRINGS NEW GAS PERK TO PRIME MEMBERS"My prediction is Tesla will become the most valuable company in the world, and probably … by a long shot" Musk said.Musk did not mention, nor was he asked, about campaigning for former President Trump or any role he may have if Trump wins the presidential election next month.GET FOX BUSINESS ON THE GO BY CLICKING HEREWeiter zum vollständigen Artikel bei FOX Business Weiter zum vollständigen Artikel bei FOX Business