Tesla’s $500-plus share price looks like an Elon Musk fever dream. Since the low point last summer, the company’s market value has nearly tripled. Not only is Musk’s net worth up several billion dollars, but short sellers, the CEO’s nemeses, are sitting on vast mark-to-market losses. Some analyst price targets for Tesla stock have now touched $600. 

This would make more sense if the promised high-margin business of running a fleet of autonomous vehicles had pulled up in the corporate parking lot. Tesla’s gains have been more quotidian. Instead of proving robo-taxis are viable, it overcame the most pressing problems in the core electric-vehicle business.

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