Market Cap is more a measure of sentiment than value.

I would recommend just googling "Tesla is a Ponzi scheme" and you will see plenty of articles detailing why. And I'm not talking crazy fringe website, it's the likes of Forbes.

People are just buying the stock on the word of musk and have done no research into the company. The corp bonds are trading below face value so the bond traders don't think they are getting their money Bach.