They should just do an offering. That stock has held it's stupidly massive over valuation for 5+ years now. Just dump it on whatever dumb ass investors have been propping the stock up.
I think it is still overpriced and can drop further, but it has lost its shine. They will make less money from offering, and it would probably tank the stock. And there is no sign they need the money.
Compare this to Toyota, who sold 11 million cars last year (~20x Tesla), is worth $385 billion.
It is still grossly over valued.