Question: We've learned how to use dividends to value stock. However, many firms do not pay dividends. For example, on Tesla's website it says Tesla has

We've learned how to use dividends to value stock. However, many firms do not pay dividends. For example, on Tesla's website it says "Tesla has never declared dividends on our common stock. We [...] do not anticipate paying any cash dividends in the foreseeable future." Tesla's shares are trading at about $791 per share (10/11/2021), a 2-year gain of about 1120%. How is it possible?

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