It can be either overvalued or realistic. Who knows? Perhaps people believe in Elon Musk and how he will rock the world with his genius idea. He is awesome, IMO, but there are more things that need to be done before Tesla truly becomes the number one company on the planet. I feel like he is overconfident and forgets how to manufacture properly.
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People use to believe in previous Elon and not this meme promoter kind of Musk, he has deposit all his brilliant ideas on promoting shitcoins rather than focusing more on his on invention, he his confident because he feels there no more genius on the planet earth that's the reason why he is so confident, perhaps before anyone can match up with him may take some time, but that's not a reason to mess with people's feelings.