Two key factors are making the market rethink about this valuation, first the "Late" prefix Elon has been using for deliveries, releases and target numbers. And the second is an extremely technified Model X. Model X is way beyond what the customers need, and that is not all, a customer may accept additional features if he or she is willing to pay the price for it, but what is unforgivable is that it doesn't have basic features like folding seats as requested by customers and not making the "Fancy" features optional.
There are customers who even though they were patiently waiting for the model X release, they're cancelling their reservations based on the fact that the signature Model X doesn't fit their needs and the availability will of one that does could be "late" sometime in the future.
A bad timing for Model X release. An uncertain market, correction, Chinese, crisis, strong dollar and a pricey tag. With this scenario, Tesla will hardly shake off the heavy Bear paw that's been chasing it for a while.
Someone compared Model X with the 58 Edsel ... only time will tell. but if Elon doesn't focus in delivering a product the customer wants model X could be the next Edsel.