Tesla's (NASDAQ: TSLA) stock is undoubtedly risky, but then again, so are many other stocks on the market, and there's no such thing as a reward without risk. The question is whether the risk/reward calculation makes sense for Tesla stock.

Tesla's first-quarter earnings report itself was a disaster, but Musk gave investors some much-needed good news on the conference call.

Tesla stock rose early Thursday as investors wondered what the company—and shares—would be like without CEO Elon Musk at the helm. It wouldn’t be good. Shares of the electric vehicle maker were up 1.1% at $285.