There are a lot of high stakes bets wrapped up in that company at this point already. AI, orbital launch business, communications networks, a little bit of Twitter/X, etc. And soon robots, grid battery, solar panels, electrical vehicles, autonomous driving, etc. They don't all have to work out to justify the combined valuation. Of course the facts are that quite a few of these lines of businesses are generating many billions in revenue already. It's at least a more diversified bet if a merge happens. Which might be why some share holders might prefer this. I don't have shares but I think that's a pretty rational attitude.
Still a risky bet of course. But betting that it will all fail might be the riskier one. Maybe it will just end up somewhere in between and not quite live up to expectations but still be a business generating lots of revenue with some healthy growth.
F sells an order of magnitude more cars (~$190 billion in revenue), and has a market cap of $62.8 billion vs TSLA market cap of $1.59 trillion.
TSLA is ridiculous. Any sane investor would look at those numbers and run as far and as fast as they can.
Comparing with MSFT and AAPL makes TSLA look even more insane.