Elon Musk’s business empire looks very different than it did a year ago. His rocket company absorbed his AI startup, went public in the largest IPO ever, and now rivals Tesla as his most valuable holding. But the scorecard is mixed: soaring valuations sit alongside thin margins and heavy losses. Tesla: Steady Cars, Squeezed Profits Tesla delivered 486,532 vehicles in the third quarter, comfortably beating the roughly 462,000 analysts expected. It was the second straight quart