Tesla is a memecoin. It’s price is levered to Musk, not Tesla as a source of discounted cash flow. The biggest possible tragedy for Tesla shareholders is that it fall to conventional DCF valuations. That’s how they lose billions. 1/

Tesla can be very volatile, but the only way Tesla shareholders concede Musk has durably lost them billions is if he has lost his mystique. And if he has lost his mystique, he is no one, he is out of government, he’s the new Adam Neumann. 2/

But governments (not just the US, I suspect) will prop him up while SpaceX remains in his hands, because it is critical infrastructure to them. 3/

Tesla’s valuation and Musk’s wealth is protected in part by SpaceX’s moat, in part by the time it might take for his wealth to deflate and the damage he could do (eg electorally) in the meantime to those who cross him. (If you come for the king, you best not miss!) /fin