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Tesla's Investor Mindset Shifts Over Time
The investor set does change as a company grows. As things become more stable, you've got more risk-averse investors starting to come in. Tesla's mentality has pretty much always been that earnings, profitability, margins are results of the work that they're doing on cost. This is why Elon keeps saying time and time again, hey, if we can just make these things more affordable, there's going to be more demand for them.