The book "The Seven Signs of Ethical Collapse" tells the stories of companies that suddenly collapsed due to hidden issues, like Enron and Worldcom. Tesla fits every sign: larger-than-life CEO with massive executive turnover, board of directors very deferential to the CEO, conflicts of interest (Solarcity acquistion), "innovation like no other", attempts to silence criticism, pressure to maintain numbers (Model 3 production and resulting problems with factory workers, firing employees and contractors to reach profitability).

I find the fact that they have an executive departure rate on par with what Enron and Valeant had most concerning - when large numbers of senior people don't vest their stock grants, it's normally because they know there's very something wrong that's not yet public.

It's especially suggestive that the VP of finance and chief accounting officer left in March, at the same time as the Fremont factory was put up for collateral and a "special purpose entity" was created to hold $546m in car sales, presumably to make the company appear more creditworthy.