You're not wrong.

Of course the counterpoint is that they were profitable both the 3rd and 4th quarter.

> They still have increasing bills and huge liabilities.

That is true. However, some of their debt will convert into equity as long as the stock price remains where it is.

More broadly, I'm not trying to convince anyone that Tesla is some sort of value stock. It's not.

It's absurdly volatile. There's also a good chance that they won't win the race to level 5 autonomy.

All I'm saying is: enough people believe in the upside and think the downside has been diminished sufficiently to drive up the price to where it is.

Maybe they're wrong. Maybe they're right. I certainly don't know.