Agreed. Tesla has been insanely overvalued for a long time. In a world with no other car manufacturers or potential competition, speculative investors and fanatics of Musk MIGHT could justify such valuation, but that is not our reality. Reality is instead:
1. Their "affordable" car looks like a basic 1990s Honda Civic, but is priced like a luxurious Mercedes. With enough on the road now, they look basic, simple, bland now, and the allure, the prestige, the fanaticism is already dead. They know this.
Competitors are about to eat them alive. They know this.
They've advertised and even sold full self-driving for how many years now? Yet, they haven't delivered. Fanatics and Musk worshippers only have so much patience, it's worn thin, and no longer an attractive deal, and may even warrant some hostile pushback. People like to get what they pay for, and they don't think it is right to NOT get what they paid for. They know this.
Elon thinks that Twitter is worth 44 billion and leveraged TSLA to try to get Twitter. Twitter is not worth it, and it'll crash as hard and fast as other social media of days, and years, past. Young people aren't using Twitter any more than they are using MySpace. Older people are out of touch. Musk is older.... as evidenced by the mentality and attitude about WFH, and his servants... subordinates... employees. They don't know this, but they will.
All together, TSLA is going down down down, and they know this. So, they aren't even concerned about trimming fat per say, they've got to cut everything, everything.