Tesla (TSLA) shareholders have been buying shares since January 2023, largely due to the company's high valuations. However, this high valuation suggests significant growth for the company, which already has a $1.5 trillion market cap and is roughly equal to all other global automakers combined. The company's price-to-earnings (P/E) ratio is 365, and the projected P/E for the next 12 months is 190. The options market has seen a shift in options pricing, with protective puts on TSLA becoming more expensive, while bullish calls have lost favor. The RiskDex measure, which measures the market's perception of a stock's near-term risk over the next 30 days, recently reached its highest level in three years.