So investors shaw the stock hit 400+ and now they're betting it will do it again?

TSLA is in the S&P 500, which guarantees a certain level of demand.

It has met all the criteria for removal (there are 20-30 changes every year, even profitable companies get removed) but obviously won’t be until Musk angers Trump enough for them to have the political cover to do it. When that happens, look out below.

It hit 400+ twice already. They are holding it for the long term, like 10 or 20 years, not watching the price move every day.

Who's "they"? People/entities holding Tesla are a highly heterogeneous mass.

The majority of Tesla shares are held by institutional investors, and most of those are passive investors, holding it long term. Tesla is included in multiple index funds, including those tracking the S&P 500 and Nasdaq-100.

Index funds will sell if the valuation drop... So they only in general prop up market.

But I think hedge funds are the real players here. Tesla is one of their successful investments. So placing even more bets there to keep numbers looking good is one possible play...

> Index funds will sell if the valuation drop

No. The big index funds fully replicate the index.

They will drop Tesla only if Tesla is dropped from the index.

Tesla is currently up by 1150% since 2019.