TSLA - untethered price makes no sense

TSLA opened at $247.34 on November 5, 2024 and closed at $350 by market close on November 11, 2024. That's a 41% gain in just 5 trading days! This brings TSLA back above the $1 trillion market cap, which we last saw before Elon Musk executed his ill-fated purchase of Twitter, which in hindsight seems to actually have worked out quite well for him. In market value, TSLA added more than the entire market cap of Toyota Motors (TM), which is absolutely bonkers. I realize there is much hype around Trump's win and that Elon Musk may have an unbelievable position being the world's richest person as well as having the ear of the incoming U.S. president. But what exactly does TSLA gain from this? Trump's agenda, and that of Project 2025's, is at odds with Tesla being a global "clean energy" play especially given most of TSLA's profits are from earning and selling carbon credits to other entities. The astounding price move has less to do with the fundamentals or near-term outlook of the company and more to do with momentum and options with dealers being forced to buy the underlying stock.

Some quick valuation highlights: P/E 95, P/E/G ratio of 10, P/S ratio 12.6, P/FCF over 200.

Unfortunately, I held a couple hundred shares of TSLQ (short TSLA ETF) for most of 2024. I am buying more to average down my cost basis as I don't believe TSLA's price is sustainable.