Heading into the report, a group of unions and watchdogs launched the "Take Back Tesla" campaign to urge investors to oppose Musk's new compensation plan. The highly publicized pay package would give the billionaire entrepreneur an opportunity to rake in almost $1 trillion in stock.

As Big Tech reports Q3 earnings, investors await proof that massive AI and cloud investments from Meta, Apple, Microsoft, and Alphabet are driving real growth.

Chief among them is its stunning lack of earnings growth while its stock price continues to soar. The Elon Musk-led electric vehicle-maker is expected to post a 25% drop in third-quarter profits from a year ago when it reports earnings Wednesday afternoon,

Tesla's revenue rose 12% year on year, the first increase in three quarters. Despite that, net income plunged 37% from a year earlier.

The Magnificent Seven have been the stars of the S&P 500 for the past several years, but the group’s period of exceptional earnings growth may be nearing an end.

The Elon Musk-led electric vehicle (EV) maker is expected to post a 25% drop in third-quarter profits from a year ago when it reports earnings on Wednesday, according to data compiled by Bloomberg. The decline is nothing new, as Tesla’s results have been in retreat for multiple years.