More investors are betting against electric-car maker Tesla than any other U.S. stock. However, despite their bets and Elon Musk’s ‘Bonehead’ call tweet, the top 3 ETFs with Tesla exposure are up.
Let’s take a look at how the top 3 ETFs with Tesla exposure are performing Friday as of 1:30 Eastern time according to Yahoo Finance.
3 ETFs With Largest Tesla Exposure Respond
- ARK Industrial Innovation ETF (ARKQ) with a 9.44% weighting up 1.17%.
- GEX VanEck Vectors Global Alternative Energy ETF (GEX) with a 8.66% weighting up 1.35%.
- First Trust NASDAQ Clean Edge Green Energy Index Fund (QCLN) with a 6.61% weighting up 1.33%.
Elon Musk Tweets About ‘Bonehead’
According to CNCB, “The dollar amount of shares shorted on Tesla increased 28 percent in the last month to $10.7 billion, according to S3 Partners. The percentage of Tesla’s available stock currently sold short exceeds 25 percent, according to FactSet.”
What’s going on with the Model 3? Investors want to know.
Tesla said it’s going to take time.
Tesla’s key metric is hitting 5,00 per week and that their target for Model 3 production may not happen until late July.
Elon Musk Tweets About Bonehead Call
Reason RBC question about Model 3 demand is absurd is that Tesla has roughly half a million reservations, despite no advertising & no cars in showrooms. Even after reaching 5k/week production, it would take 2 years just to satisfy existing demand even if new sales dropped to 0.
— Elon Musk (@elonmusk) May 4, 2018