TSLA is a meme stock at this point with an unrealistic valuation. It's held up by the cult of Musk as the company has very little going for it. It has shrinking sales with PE of a company that expects to grow at 50% per year for the next decade. If Elon steps down, Tesla would collapse. And I'd be here for it.

The narrative that its more than a car company and therefore gets a ridiculous valuation is baseless. Every promise has been empty for a decade now. The company still makes well over 2/3rds of their money on car sales. The AI company story falls apart now that xAI owns the AI part and licenses it to tesla. It's also way behind in robotics and it's taxi service seems like a pipe dream after getting turned off in China due to safety.

And while TSLA no longer accounts for the largest part of Elon's wealth, the Space X valuation seems very suspect. His last two capital raises that gave the company a $350 bllion valuation weren't raises at all. He shuffled around some shares between billionaire investors and claimed a much higher valuation. He did the same thing with twitter to give it a $44 billion valuation again before xAI absorbed it and he decided that made xAI an $80 billion company.

I'm starting to really appreciate the nickname "Enron Musk"