I believe Tesla's intrinsic value is 120 billion USD at the current state of the electric vehicle production technology.
This compares with Tesla's current market capitalisation of circa 629 billion USD.
Base, ferrous metals are the main production cost in car manufacturing, especially this is valid for electric vehicles.
Without subsidies, Tesla is losing money.
Elon Musk is playing for time, so Tesla can achieve a elelctric car production breakthrough that enables profitable electric vehicle production.
This partly explains the Twitter purchase.
It took the Internet http protocol more than 60 years to become mainstream, so tech startups like Yahoo, Google and Amazon can commercialise it and start making money via the World Wide Web or Internet for short and the global society can benefit from communication.
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