A valuation of 20 times revenue - and thousands of times earnings - is not justified by saying "a company is more than what it produces".
Edit: put otherwise, how does your comment relate to the fact that Tesla was trading at 5-10% of the current price in 2019? Aren't the patents and brains the same? Why are Tesla's patents and brains worth now almost as much as those of Apple or Microsoft?
A valuation of 20 times revenue - and thousands of times earnings - is not justified by saying "a company is more than what it produces".
Edit: put otherwise, how does your comment relate to the fact that Tesla was trading at 5-10% of the current price in 2019? Aren't the patents and brains the same? Why are Tesla's patents and brains worth now almost as much as those of Apple or Microsoft?