The author talks about some bearish points but all points he presents are far from the $650 market cap that Tesla is boasting. A billion here and a billion there does not take a "practically" broke company to a trillion dollar valuation.

There is more at play here. I think it's mania and a strong case of the market can remain irrational longer than the short can remain solvent. Tesla, at the current fundamentals, is worth much less than $650Bn. How is that possible and how one takes a company with y value to 10.y is still not yet answered.

Maybe Elon Musk is not a fool after all. He did buy Twitter at a big mark up. But if momentum drove his market cap and he can capitalize on that through the stock market then buying Twitter does make sense: It's backed by Tesla stock but the Tesla stock itself is backed by Twitter.