The only thing separating Tesla from a realistic multiple is Musk. For shareholders it's rational to want to keep him around. Otherwise they would have to face a much worse reversion to the mean.

TSLA down > 50% from the peak. The stock went up on earnings miss because things were not as bad as shareholders were expecting, but the shareholders are expecting things to be pretty bad.

But I think the point people have made (correctly!) is that TSLA's price is detached from any normal way we have for pricing a car company. Their market cap is 160% that of Toyota, despite selling 16% as many cars. How are they ever going to justify their current valuation? Kicking Elon out to get rational CEO behavior could result in a rational market assessment of Tesla's value, which would be bad from the shareholders' perspective!

Toyota issues bonds (ex. [1]) so their valuation should be less than the multiple on cars sold as tesla.

[1]: https://cbonds.com/bonds/1504323/

Hmmm... Usually the fable of the Emperor's New Clothes implies the people around him went along with the fiction because they feared personal retribution from the Emperor... But what if nobles did it to prevent a drop in the "stock" of the empire itself?

that felt like a pump to me. Those shareholders are in deep, easier to pump a bad earnings up instead of pulling their entire tesla portfolio imo