“In 2020, Tesla delivered fewer than 500,000 cars, but it added almost $750bn to its market value. General Motors sold 2.5 million vehicles in 2020 and has more than $200bn in assets, but its market capitalisation is a small fraction of Tesla’s, at $62bn. At its current price-to-earnings ratio it would take Tesla almost 1,600 years to make as much money as the stock market has invested in it.” That’s not quite the whole story and Tesla is more than a car company. But it’s rise points to a bigger market story. Is Tesla a car company, or a casino?

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