Tesla has revenues - real revenues at least. They have real products. Nikola? What do they have? Is it their hyrdrogen breakthrough (10% of current cost)? I doubt that's real. Their battery breakthroughs? Again, pretty doubtful that's real.
So did Enron. That doesn't mean there's no fraud to be found.
> Before its bankruptcy on December 3, 2001, Enron employed approximately 29,000 staff and was a major electricity, natural gas, communications and pulp and paper company, with claimed revenues of nearly $101 billion during 2000.
Much of that apparent revenue was fraudulent, but not all of it. Enron really was an energy company, but was also engaging in fraud.