[rurp]

> almost the entirety of their valuation is predicated on near-instantaneous robotaxi rollout and a near monopoly on humanoids and neither of those are going to happen.

I also expect their robotaxis and robots to be a joke business-wise for the foreseeable future, but I totally disagree that they have much to do with the stock price. The real driver is Elon's immense cult following. The Tesla stock price has always been absurd relative the actual business, but cult followers don't care about financial statements, or engineering work, or business logic. They will ignore all of that to support their leader.

Elon has been spewing blatant lies for well over a decade at this point and always claims to be chasing some shiny object a year out that will transform the business and grow its revenue to match the valuation. It never happens, but people don't care.

He has lost some supporters from his peak due to his political and social media insanity, but most of the diehards have kept by him. The odds of him diving back into MAGA politics in a visible way is a larger stock price risk than continuously declining sales, but even then he would have to go to extreme lengths to shake off most of the people who have stuck behind him for this long.