[DoughnutHole]

Because the explosive rise and sudden collapse of the company's valuation are interesting in and of themselves as a market story.

The valuation of the most valuable car company in the world has fallen 70% in the past year. Tesla has shed more in market cap in the past year than the GDP of most countries. How is that not remarkable?

It's emblematic of the collective insanity of tech investors in the past couple of years - that's the interesting story, and that's where the criticism lies. Tech investors have made comically bad, bad bets industry-wide in recent years, and Tesla has been one of the biggest.

It's not overly critical to think Tesla's valuation has been insane and unjustifiable, or that it's "just a car company". At least saying it's "just a car company" is admitting that there's some fundamentally valuable business behind it, unlike some other money-pit companies out there.