1/ We have frequently commented on how narrow is Musk’s shareholder base. Indeed, as far back as 2017. The lack of a quality shareholder base is the reason this insane, overvalued stock levitates as it does.
2/ In spite of $TSLAQ’s singularly narrow focus on this circus, the investing world at large has weighed in said “we don’t care.” As a result, one should never forget to whom Musk is actually directing his messaging or, most importantly, to whom he’s not.
3/ Approximately 50% of his stock is either owned by him or useful idiots like the Saudis, Lawrence J., ARK and Jimmy A. 12% is owned by longs that have either bought in to his scam (Capital Group), or who are bailing (Fido, TRowe). He doesn’t need to speak to them either. 
4/ 11% of the front-page is passives. They don’t vote, nor make active allocation decisions, and thus don’t care what he says. He could make an insane claim about robo-taxis and they will merely shrug and go back to looking for the nearest 2-for-1 Happy Hour special.
5/ A small amount (< 7%) of front page is owned by retail wealth advisors. He really needs to speak to them because he needs them. They are his life blood now. Worth noting is that ARK’s largest shareholder is MS retail including, probably, a well-known family office in L.A.
6/ He’s not speaking to existing institutional shareholders because he doesn’t really have any meaningful relationships beyond those outlined above. And, more importantly, HE KNOWS HE’S NOT GETTING ANY NEW ONES.
7/ So, he is free to put out a laughable quarterly letter riven with claims and trends so preposterous no serious investor could read it and take him seriously. None will. Musk knows this.
8/ We also know from the Vance book how Musk is focused on shorts. So more than anyone, Musk is speaking to you. He needs retail to embrace him yes, but he also needs you to panic out of your position.
9/ We will of course know more, as we always do, when the Q comes out. The cash flow games will be laid bare. The stock will then deflate because no one real can read the 10Q and not laugh out loud.
10/ Others smarter than I think Elon is in the middle of an existential liquidity crisis. I agree with this. He is getting desperate, hence his aggressive expansion of the boundaries of credulity with respect to these numbers.
11/ Elon can pull this nonsense because 65% of his shareholder base isn’t going anywhere and he knows it. He will continue to play games until he runs out of fingers and the dike finally breaks (or brakes as the Lemmings would say).
