"Investors" did have confidence in Bernie Madoff.

Same applies to Tesla.
There's Federal tax credit + State tax credit.
Tesla is selling carbon allowance for $150M/year.
Tesla isn't making base Model 3, but the top $55k version. $35k version will create more loss than the $55k version.
Soon they will hit 200,000 or so cars made so they will lose hefty Federal tax credit.
Insurance is growing because you have to service accident damage at their certified overpriced service stations.

And they are still burning money like there's no tomorrow.
Then you have 8 year warranty on battery and drivetrain. Most cars are still in warranty but on older ones, drivetrain and batteries are starting to fail - more expences on cars already sold.

More the Tesla cashflow is desperate, more stupid promises Elon makes to attract attention.

Elon Musk is marketer (he can sell you shit while you believe it's cake). Not businessman.
And he's got lots of government cronies to back his stupid ideas with govt money.

Elon Musk never cared about Tesla profit. He's interested only in keeping this Zeppelin flying so he can get most money out of it. And then let it explode in investors face.

Volkswagen AG marketcap is less than double of TSLA.
VAG makes 100x more cars, has profit, can cope with $20-30 bln fine by US government.
TSLA is just burning money, more cars they make, more money they burn.