You need to adjust for cash and debt to get the enterprise value. If you do so, you’ll find that Tesla is worth about 50% less than it was.
Rather, market capitalisation reflects investor’s assessment of the enterprise value.
Whether rational or not, this already takes cash and debt positions into account.
Because according to the comment above debt is 11B, and I happen to know that they have ~2B cash on hand, so roughly speaking enterprise value should be 9B larger than market cap right now, and it should have been less than 600M above market cap back then (their old debt value also listed in a comment above).