By nearly every conventional metric, TSLA is overvalued even in comparison to a market that may or may not be also overvalued.

Although, Elon's net worth is the highest, it's nearly all in TSLA stock of which Elon has about ~20% of all shares. If he sold or made this asset liquid, it would decrease his power in his own company. Considering Elon's methods and behavior can be unconventional to say the least, he probably needs to keep as much power as possible.

I assume that if he was made to step down from the CEO position, TSLA valuation would drop like a fly - so he could easily re-buy everything he would have sold. I don't think that's the path he is going to take, but it's not impossible.

Like shit

TSLA has a P/E ratio of 1500. Even though they're a growth stock it's a generous valuation to say the least. The stock price has been driven up by

(1) a lot of retail investors loading into the stock & call options, primarily because it's a momentum hype/meme ticker with Elon at the helm, and easy access through Robinhood et al combined with stimulus money.

(2) large cap tech stocks have been rallying during COVID; capital has had nowhere else to go with the Fed crushing the USD and non-tech companies suffering,

(3) shorts have been repeatedly obliterated and are now mostly staying away. Short interest is now only 6%.

(4) TSLA was recently included in the S&P 500 at a ~1.5% weight, so index funds and ETFs have been forced to buy it due to a mandate to track the index.