A lot of people believe in Musk and will invest in anything he wants to do. Is this rational? It depends on how it plays out.

I think we may be seeing a new type of capitalism that maybe Steve Jobs and Warren Buffet hinted at: A business empire built around the outsized ambitions of a single charismatic individual. The valuations of Tesla and SpaceX only make sense if you attach an enormous premium to Musk the individual.