The biggest issue with investing in Tesla isn’t that Tesla hasn’t generated the cash flow to support its market cap. Most long-term investors are betting on Tesla based on its potential as the world’s largest AI company, which comes with a certain level of risk. Musk and Tesla are too deeply tied together, so investors not only have to worry about him making wild claims or falling out with the government, but also about his personal health and the possibility of unexpected events like assassination attempts. For serious big money to move in, we’ll have to wait until the stories of FSD and robots are fully realized and they start generating positive cash flow.