I'd argue that Tesla's stock price is more about con artist acumen than business acumen.

TSLA currently has a P/E of ~375. That's extremely overvalued. There's no possible objective reason for TSLA to have such an extreme ratio. Even if you think Robotaxi is going to be a massive success, it would have to completely devour Lyft, Uber, and traditional taxi services all combined to even get half way to justifying that P/E, and considering the already major distrust in Tesla's FSD, I just don't see that happening.

The math doesn't math. People buy TSLA because they want to be part of Elon's cult, not because of anything to do with Tesla as a company.

I remember the days when a P/E in the high single digits was a giant red flag.