It's a valid point. But the markets are a harsh mistress. If you don't like fallacies, you don't buy. And if you think the number is not going to go up, you can always short the stock.

In defence of Mr Musk, despite his character flaws, Tesla is the only Western electric car company in the top 20, and this includes Korea and Japan. Also, SpaceX is ~90% of the world's commercial rocket launch capacity.

But this does not mean SpaceX would be correctly priced at the moment. It may be expensive, but SpaceX is going to have many years to come to reap the benefits of their hard work building the business.

> you can always short the stock.

Which is going not too badly for the shorts, so far. There's a reason almost 50% of the float is loaned out.

We'll see once the earnings call rolls around.