Because it was (and to me still is) absurd.

At one point, Tesla was worth more than: Toyota, Volkwagen Group, Hyundai/Kia, General Motors, Ford, Nissan, Honda, Fiat Chrysler, Renault, Suzuki, Daimler, BMW, Mazda and Mitsubishi combined. (Plus several Chinese manufacturers: SAID, Geely, Changan, Dongfeng).

The hypothesis is Tesla becomes like Apple in cell phones vs all the other manufacturers. Apple may not have all the sales but it has most of the profits. Not saying that will happen with Tesla but it's a possibility.

Well, not exactly. It rewards current production, i.e. people buy Teslas, as well as future production, i.e. we think you can make us money based on your track record.

I should say more precisely that the world doesn't reward Tesla; it thinks it can get more out of Tesla than it gives it. Which is probably the least worst system.

Their PE is “only” 65 atm, which isn’t THAT crazy. At one point it was 1000 lol. It’s been falling since 2020 when they started being profitable.