They don't know how many outstanding shares there are, what the market cap is relative to others, or even care about profit ratio is. They just think it's going up.
I would argue otherwise, his movement in the recent past showing.
First off, one would have to assume he suddenly swore of luxury after seven mansions. Perhaps. He does say a lot of dumb stuff when he's stoned that he ends up trying to hide later on (e.g., submarine scandal).
Second, he doesn't seem to spend too much time in his tiny house:
https://www.msn.com/en-us/lifestyle/home-and-garden/elon-mus...
Third, where does he keep all those tuxedos he keeps showing up wearing at exclusive events for billionaires?
Fourth, he's got like 10 kids and multiple wives. And he keeps getting women pregnant. That's literally a luxury.
Maybe we have different definitions. Sure, he owns a cheap house this year that he seems to not live in, but cavorting with other billionaires and treating women like breeding stock and throwing cash at offspring so you don't have to bother raising them doesn't really strike me as living a lean life.
We can all offer our armchair theories about Tesla's actual worth, but until traders start to move en masse, that is what it is worth right now.
I think you are asking a different question: will Tesla be more profitable than the other 10 manufacturers in the long run? Because right now they are not. Personally. I don't think they will ever scale to a commodity car as long as Elon is at the helm. I don't think he has the attention span to make a mass produced car, his ego likes doing something novel and he likes luxury. To make profit like the top 10, Tesla has to become a commoner car. I don't think he can pull off an iPhone move, Tesla may always just be a Mac.