Comment by rich_sasha

My take is there are not really any reasonable Tesla investors left. Due to a steady supply of Real Believers, anyone with a short bet got burnt time after time.

So these people are no longer shorting. Sane long-only people, likewise have been out for a long time. You're left with a clique of people who won't sell regardless, and when Elon promises to make ice cream with robotaxies, they'll buy a bit more stock.

When only irrational people trade something, the price and market for it are irrational too.