Tesla’s stock, like most stocks, is about a story: Tesla is the future of energy. Does Tesla have that story without Elon Musk?
I generally find Elon Musk useful, in that he makes it clear which things in America are actually hard boundaries and which are merely conventions . You can take ketamine, smoke weed, ask your subordinates to have your babies, and run your companies like your own personal fiefdom; if you are wealthy and powerful enough, no one can stop you. Musk is entwined with his companies in a particularly unusual way.
The fandom aspect here is what makes this all work — the shareholder vote in Musk’s favor was swung by retail shareholders, who overwhelmingly approved his pay package. 'Tesla is less a meme stock than, say, GameStop or AMC but it has some similarities' Sure, some of these people are true believers — we heard from many of them at the shareholder meeting, thanking Musk for his contributions to society. But I don’t think every single Tesla holder is a purist.
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