Issuing $5 billion a year ago would have meant dilution of more than 8%; today, it’s less than 1%. The forward price/earnings ratio — using adjusted earnings , that is — has swelled from about 60 times to about 170 times. In effect, the market has a megaphone positioned just next to CEO Elon Musk’s ear, through which it shouts a constant refrain of “Feed Me!” He has, quite rationally, served up another meal.



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