Definitely mania. And being surrounded by “yes men” and a legion of fans pushing you forward. Until it comes time to produce the $billions and suddenly everyone is doing their due diligence and likes/retweets aren’t worth a damn.

He also had the bad luck to do this at the same time the bottom fell out of tech and people started questioning whether buying TSLA shares at $1000 was the best marginal use of their money.

Also interest rates going up significantly, making financing much more expensive.