The idea that Tesla should have a “tech” multiple, which generally means 80% margins and high growth rates, is kinda scary, since they don’t have either. 80-95% drop would be reasonable if and when it loses its “story”.

But it can use its valuation to bring in capital to try and make the business into something else.

Apple is an interesting one. They definitely have a consumer hardware division, but there's also the app store where they take a big cut of everything sold through it. Other than reviewing apps, they built it once and get to reap profits off of it indefinitely. Same for music, tv, iCloud backups, etc.