All good answers here. I have one addition: Zero interest rate regime we had since the financial crisis meant the money supply was cheap. It was enough to just

All good answers here. I have one addition: Zero interest rate regime we had since the financial crisis meant the money supply was cheap. It was enough to just hype yourself to the investors to get money, and Tesla did exactly that and got incredible valuation. That cheap money supply dried out, but the high valuation of Tesla became in itself to keep its outlook good, so it's self sustaining so far in a fragile state. Exactly how fragile is it, nobody would know, but typically you need good profits and earnings to be a stable investment. In a world with a lot of viable alternatives and heating up competition, Tesla needs like a monopoly in a technology or market (be it autonomous driving, be it banning all electric cars in Western hemisphere except Teslas by presidential decree) to not be a ticking time bomb.