[arcticbull]

Ok so if you do that it gets you a 50% downside instead of a 90% downside.

I think future growth in Tesla involves significant margin contraction as they move down market, and as more entrenched players enter the EV space we’ll see margins on existing revenue go down too. This is peak value for them based on first mover advantage alone and it won’t last.

So yeah bear case 90% overvalued and bull case 50% overvalued. And this is after a 62.5% drop from peak value.