Закреплённый твит
14 companies. The Trillion club.
Textbook says a company deserves its valuation based on 4 things:
Revenue growth. Earnings power. Competitive moat. Reasonable valuation.
$TSLA fails all 4.
↳ Revenue down 2.9% in 2025
↳ EPS down 47% YoY
↳ P/E near 400. Forward P/E ~185.
↳ BYD now outsells in global BEVs.
It's not a tech company.
It's a car company priced like it owns the future.
The stock is priced like robotaxis and Optimus are already proven businesses, and like xAI and SpaceX optionality somehow belongs inside $TSLA’s multiple.
The moment SpaceX goes public on its own, the market has to separate Tesla’s income statement from the Musk empire story.
13 companies built their way into the club.
Tesla vibed its way in.
"But Robotaxis" Zero autonomous miles logged in California six years straight. Launched small pilot in Austin (June 2025), expanded to Dallas and Houston (April 2026), but only 42 registered vehicles across Texas. Miami still pending. What's running is a tiny unsupervised fleet in geofenced zones that relies heavily on remote operators for edge cases.
"But Optimus" Promised 10,000 units by end of 2025. Built a few hundred. None doing useful work. Program head gone. Not available for purchase. No pre-orders. No waitlist. Consumer sales target: end of 2027 per Musk himself.
None of this exists in the income statement yet. Textbook calls that speculation not valuation.
When SpaceX goes public, the market asks one question: What is $TSLA worth without the story?
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