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I remember when Tesla's days were supposed to be numbered, like, five years ago. I don't think market fundamentals matter anymore. If you have enough money you can just do whatever you want and your company will go to the moon
IIRC the company is still way overvalued relative to their actual production as compared to other car companies, it's just that even with the decline when Musk became an open nazi, there are still enough rich tech-bros supporting him and buying shares to keep the price high.
It's not even tech bros, many, many 401k's and other funds include Tesla because of the stock performance. If the company were to tank it'd have significant impact on the entire country. They're literally too big to fail
Too big to fail implies the government will prop them up when it fails. I can't see that happening. There are simply no assets, no employee base, it's all fluff.
Reminds me of Enron. The clues are there but everyone chooses to ignore them so they can make money today.