Tesla: Not A Real Car Company—Just A Financial Ponzi By Any Other Name

But when a company doesn’t have the operating earnings to service that debt, a single dollar of debt can be too much. And then it becomes more like a Ponzi scheme, which, to be honest, Tesla is increasingly resembling. Can Tesla convince investors to give it enough new capital to pay off the maturing debt before the world concludes that the company doesn’t have the resources to meet its obligations as they become due? That, of course, is the textbook definition of a bankrupt company.