I must say that you are now giving out a far more balanced view re Tesla than a year ago. Very much imho of course.
I would buy shares in Space X tomorrow (at the right price of course) as it has so much upside. But not Tesla as it has limited upside. The issue is risk/reward, and Tesla would need to fall about 80% for me to go near it. But it wouldn't survive a 80% fall though.
One can argue that the easy money has been made in Tesla, although it was not so easy at the time.
The higher valuation adds more risk, but at the same time the achievement of making cars which folk are prepared to buy does currently mitigate some of the risk.
It comes down imho to execution and vision. If Tesla continue to execute and retain the vision to continually improve the product, very like Apple do, I can still see substantial upside. If they can get robot driving to work there is a huge upside there and although many argue that a vision without Lidar can't work I am not sure. After all human drivers have no Lidar and do well, but there is still the ugly shadow of the 10 on average people who will die or be seriously injured on UK roads every day. There are clear problems with the Tesla system as is, but I am not sure if they are intractable to better software and more mapping of the highways. For sure Tesla have the best shadow data in the world to refine and craft their algorithms.
If e.g. Tesla can launch a self driving taxi the upside is huge.
There are many unknowable things too.
Whether the new chairman or chairwoman will be a asset or liability who can say. The right person can multiply Musk's abilities, the wrong kill them. The board have to get this right or suffer
There is also solar city. Will this be brought upto speed and with power walls become an important source of revenue. The results from the Australian battery are very impressive and so I believe there is potential here that is not in the calculus of many shorts. Personally I like the idea of the powerwall although many argue that the grid should be the storage the advantage of electric car with solar panels and storage seems also to not be considered by the shorts.
Legacy auto, especially German motor makers, still look very weak to me, still not really accepting that electric is the way forward despite lots of rhetoric. Whether BMW is an easy short I am not sure and have no intention of playing it so, but if Tesla do power on there will be victims.
Everything about Tesla continually changes with substantial share price volatility and this makes it very hard for most investors and a blessing for traders.