Actually, the reason for the insane run-up on it's inital day and second day of trading had very little to do with speculation, but more to do with TSLA being an "extremely hard to borrow" stock on those days. When a stock is hard to borrow, it means it is nearly impossible to short sale the stock. Think AIG when they were melting down. That was a stock that no one wanted loan out for short sales because at the time, their demise was imminent. Not necessarily the same thing with TSLA, but that's what hard to borrow equates to...

So all theories and ideas of why the run up and why the subsequent sell off are essentially wrong. When a stock can only go in one direction, then it can only go in that direction.