Clearly there is rampant speculation in the financial markets, it has been going on for years fueled by low interest rates and money printing, but this year it has shifted to overdrive with the Fed hell-bent on making the rich richer. I believe Tesla's current valuation and especially its speed of change put it squarely in bubble territory, despite the well-intentioned arguments often made in this thread (remember bubbles can go on for a very long time, so shorting is a recipe for financial suicide).
On the other hand, this does not matter that much. As long as Tesla is funded properly (and they have been smart enough to raise $10B in the last few months, they probably should have yet another round) the short term fluctuation of the share price will not hurt it significantly. Yes investors might be hurt (and some will grow rich) but I'd rather see bubbles in electric cars and renewable energy rather than in banks and fossil fuel companies. In any case, I think too much discussion of the share price and the bubble or lack thereof and the negative sides of speculation is veering off-topic and should not receive so much focus.
Meanwhile Tesla is growing their physical business, building new manufacturing plants in Berlin and Texas and still expanding Shanghai. In addition it is growing the product line, including the soon-to-be-megahit CyberTruck and the long-awaited Semi, and developing massive features including the famed automated driving (which hopefully will succeed though it might not to the full extent hoped for). The end result of this will be cheaper and more efficient electric cars in large quantities, requiring less resources (and consequent environmental damage) to produce per car, and eventually starting to make a dent in the demand for oil.
The only thing that can screw up Tesla's business is an evaporation of the demand, either due to saturation of the potential buyers, the rise of serious competition, or a harsh recession in the potential buyers segment. All of these scenarios don't seem to be coming to fruition anytime soon - a large percentage of car buyers are interested in EVs, and the competition is almost nil, with most automakers efforts laughable.
Of course it would be best to move the globe to electric buses and bicycles, but meanwhile people are buying cars in the tens of millions so I prefer these cars to be electric. Will this solve AGW? No. But it will make it somewhat better, which is more than many other partial solutions can claim.