[JumpCrisscross]

Tesla is a stupid (read: high downside risk with capped upside) short. There is an implied put below which it almost certainly makes sense for SpaceX to buy it. If they crash together, there is probably another level–well above 30x earnings–below which Musk could orgainse a take-private bid.

[0cf8612b2e1e]

If it crashes, why would you want to buy it? If reality ever comes a knocking, I would not expect fantasy valuations to hit a second time. EV competition is only increasing and Tesla is no longer especially notable vs the competition.

I suppose Elon would for some financial manipulation games to prove he is the richest, but otherwise seems like a bad deal.

[JumpCrisscross]

> If it crashes, why would you want to buy it?

For Musk, to stave off an embarassment. Same as the X acquisition into xAI and, most probably, the xAI merger with SpaceX. For his backers, to maintain access to the world's richest man.

Then there is the fact that Tesla operates America's only scaling EV-manufacturing operation.