Tesla is probably overvalued, but it's also not as simple as Tesla == cars. They're also one of the leading players in grid level battery storage (a market that will be huge soon). I don't think any other auto manufacturer is involved in that.

IIUC Tesla's value comes in part from failed bets against it. Investors looking to make a buck off its imminent failure were instead forced to pay out, in greater proportion, hedges made on those short bets, when it survived.

The same thing happened with GME, just on a shorter time scale and with the completely out-of-context event of retail traders being shut out of the buy side of market trades for several days. We do not know what would have happened had GME continued to be freely traded on a day it had reached over $500 a share premarket.

Tesla just reported its first full-year profit last month, so that's no longer true.