That argument only makes sense when you don't mention any numbers. We try to see this as a black and white, Ponzi or not Ponzi. 1 or 0. You look at the original

That argument only makes sense when you don't mention any numbers. We try to see this as a black and white, Ponzi or not Ponzi. 1 or 0. You look at the original Ponzi scheme, earnings over market value is clearly zero. For a regular stock earnings over market value might be some small but reasonable number like 1/10 of even 1/20. Then you look at TSLA and it's under 1/300, and that's not even an accounting trick where they're underreporting their earnings, they're literally are posting their best earnings ever. So yeah, it's not 0 like the original Ponzi, but it's approaching a limit of 0 and no one knows how close it's supposed to get.