I've come around to recognizing that Tesla is a protest vote. By giving money to the car company that hates cars, people can tell car companies how much they hate them.

It works - Tesla gets away with shit Toyota or Ford could never pull. They get to get rid of dealerships! (people hate dealerships). They get to get rid of service networks! (people hate service networks). They get to put giant ipads in the middle of the dashboard (bitchez love ipads!). Yadda yadda yadda. Turns out a whole lotta people hate cars, and if they can buy a car from a company that also hates cars, they can all drive around hating cars equally.

A vote for Tesla is a smug-ass green-ass Trump vote, effectively - it's a vote of No Confidence. So if you trade on sentiment? It's a great bet. Who's gonna win - all the shitty automotive journalists or the guy who married Grimes?

The basic problem is that stock value and actual value haven't had anything to do with each other since the repeal of Glass-Steagall so it just gets dumber. Rivian has delivered 42 trucks, all of them to employees. At a market cap of $102B, that puts the unit value of this

At three and a half of these

And the market value of Rivian at approximately half of the Apollo program, adjusted for inflation.