From a timely Tesla reality check
"There’s no doubt Tesla and Mr. Musk, the company’s high-profile chief executive, have plenty of detractors, especially on Twitter, where some critics trumpet vitriol and unsubstantiated information about the company and its business. But many of those who believe that Tesla is destined for a major restructuring — or even collapse — are buttoned-up investors. They base their view not on antipathy for Tesla or Mr. Musk, but on cold financial calculations, including its heavy debt load and voracious cash burn.Betting Against Tesla: Skeptics Make Their Case: NYT
“This isn’t only about Musk,” said Mark B. Spiegel, a managing partner at Stanphyl Capital, which has a large position shorting Tesla. “It’s about a terrible capital structure, because of the debt, and a stock price that is out of whack with the demand for the product and the competition that’s coming in.”"