Well, Musk said recently that the value of Tesla is 0 without FSD. Does anybody seriously think Karpathy would step down if FSD was really close to be released ?? It really starts to feel like Tesla is a huge fraud which is about to be uncovered.
Irrespective of what he said, it won't be 0, Tesla would still be one of the best electric cars available.
But in itself, just making on of the best electric cars today would justify a valuation of 1/10 of what Tesla currently have.
I still admire Musk and Tesla for having started the electric revolution. But by 2025 (and maybe already are), they will just be one of many electric car manufacturers - somewhere in the middle of the pack.