Retail investors on Robinhood have found a new darling – Tesla.
Apple has been Robinhood investors’ top holding for quite some time.
One of the most valuable brand in the world, Apple has leverged its
diversification on the product front, its innovativeness, and its attractive capital return program.
However, there’s been a big change atop Robinhood’s leaderboard.
Per The Motley Fool, electric-vehicle (EV) manufacturer Tesla had dethroned Apple as the most held stock on Robinhood as of August 2022.
Investors are loving up on Tesla because of the company’s success in building itself from the ground up.
Tesla was the first in more than five decades to reach and sustain mass production. Even with semiconductor chip shortages and parts challenges tied to the COVID-19 pandemic, Tesla looks to be on pace to crack the 1-million-vehicle production mark in 2022.
Tesla has also, decisively, pushed into the profit column. In each of the past five quarters, Tesla has generated between $1.14 billion and $3.32 billion in generally accepted accounting principles (GAAP) profit.