Only in 2020 can a company start up in an old school industry, declare it's a "tech" company just because it is going to make a different type of battery, and get a $24 billion market cap with zero revenue.

Nikola's CEO is worth $7 billion

we already learned this lesson with WeWork - a company that "created" a service that already existed (renting office space), but commanded a massive valuation just because it called itself a tech company.

the market gives lots of free passes to tech companies and their flaws. Tesla clearly has issues with autpilot right now, but as long as they fix the problem at some point, Elon keeps his status as an innovator and Tesla keeps their insane multiple

but if not, they go the way of Theranos. Tech companies almost always lie about where their technology is at and ship too early, but the difference between the frauds and the success stories is whether or not the reality eventually catches up to their stories