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Tesla has been a cash-burning, non-GAAP accounting disaster since before the M2 was a gleam in BMW's eyes. Their revenue-recognition practices were a joke, and this is what the shorts banked on, usually to their own detriment. There's no yield to be had, so money is chasing assets right to the bottom of the barrel, Tesla included. In a truly efficient market, the Tesla we see today could never exist, but the markets have been backstopped for two decades so Tesla keeps finding new equity and they're not going anywhere. They may not be Goldman Sachs level too-big-to-fail, but I agree with HODLM that they've become too big to fail. I'm talking specifically about their financial structure, not their cars - that's a different discussion.
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