A lot comes down to whether the market views Tesla as a car company, or a technology company. The pessimistic view is that they’re a car company and the valuati

A lot comes down to whether the market views Tesla as a car company, or a technology company. The pessimistic view is that they’re a car company and the valuation makes no sense compared to GM, Toyota, or VW. The optimistic view is that they’re a technology company that — if they manage to stay alive — will produce value from both their core offering and the edges of their business, much the way Amazon has with AWS, or Apple is doing in Services. Personally, I own a nominal number of shares and root for their success. But at the end of the day, it’s a Random Walk on Wall Street and predictions (good or bad) are largely speculation.