Do Tesla actually have any new model S or X near release (rather than just cutting the top off the steering wheels)? Everything they are selling at the premium end is looking very long in the tooth compared to what the Germans are now churning out. BYD and co eating the cheap end of the market.
Another year like this and they are done as a valuation outlier IMO.... natural conclusion would be a takeover by a consortium of major car makers to pick up the software and battery production capacity, albeit that would really need the market cap to divide by 4 again (or Apple if they really want to shake the tree and actually get into cars...).
As I've been saying for years, I really wish he'd cashed out faster and sooner so he'd have more money to play with rockets.