Elon Musk’s repost of an All-In podcast talking up a Tesla-SpaceX merger within 6-12 months has been treated by much of the mainstream financial commentariat as just another bout of celebrity volatility. TSLA pops, shorts reload, the "it’s just a car company" refrain makes another lap around cable. The coverage tells you less about Musk than it does about how little the market has internalised what he is actually building.
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