Tesla's stock just surged 7.7% after trading hours, but veteran investor Gary Black is jumping ship. Why? He believes the valuation has detached from reality: profits are down, sales are plummeting, while the P/E ratio has soared to 188x. Although Elon declared he is 'back to work,' the confidence is no longer what it used to be. Shareholders are starting to demand: Elon must work a full 40 hours/week at Tesla, establish a clear succession plan, and end unrelated projects. A letter was sent directly to the chairman of the board accusing Tesla of falling into crisis. Profits are down 71%, sales are down 13%, and the company's image is 'globally fractured.' When confidence wavers, even rising prices can't keep investors on board. And that is truly frightening.

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