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Tesla Insanity and the Cult of Musk

Why do investors get all excited about Tesla, but seem so blasé about JPMorganChase?

Elon Musk speaks at a Tesla press conference in China
Photo by Visual China Group/Getty Images
William D. Cohan
September 1, 2021

Elon Musk, currently tied with Jeff Bezos as the world’s wealthiest person, recently tweeted, “I thought 1999 was peak insanity but 2021 is 1000% more insane!” In case anyone was confused about what Musk was talking about, the Dealbook section of The New York Times helpfully explained that he was sharing his “amazement” about “how much investors have bid up stock prices.”