Tesla always felt like a tech type based share price rather than its value being based on any realistic basis.
The thing with pure technology based companies is that they can spin up more servers etc much more easily than ypu can spin up manufacturing plants, so it's relatively easy to suddenly be the biggest in the world, especially if you're a new idea.
It's also easier for people to switch to your product in the non physical and trivial cost world of tech, if you're offering an existing idea with a 'USP'.
The thing with pure technology based companies is that they can spin up more servers etc much more easily than ypu can spin up manufacturing plants, so it's relatively easy to suddenly be the biggest in the world, especially if you're a new idea.
It's also easier for people to switch to your product in the non physical and trivial cost world of tech, if you're offering an existing idea with a 'USP'.