Apple No Longer the Most Held Robinhood Stock

Apple (AAPL) has regularly been the most held stock on the Robinhood online trading platform, but as of the beginning of August 2022, the technology giant has been displaced by Tesla as the top stock on Robinhood.

Robinhood investors love momentum stocks, and Tesla has been supercharged lately. The company has also consistently been profitable.

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.

Meanwhile, CEO Elon Musk has promised a number of innovative technologies are on the way, including more-encompassing full self-driving, as well as Tesla Bot.

Whereas Elon Musk is a big reason why retail investors have bought into Tesla, he could just as easily be the primary reason for investors to avoid it like the plague. That’s because Musk has a habit of overpromising and underdelivering on projects.

Remember the conceptual all-electric Tesla Semi that was unveiled in late 2017? The first production model isn’t expected until 2023.

Musk also owns tokens of cryptocurrency Dogecoin and has begun accepting DOGE coins for a handful of Tesla merchandise.