Elon Musk Tweets
Seeking Alpha's Anton Wahlman claims (in this 6-page article) that he was able to place 20 Model 3 pre-orders on his credit card last week. This led Wahlman to speculate that perhaps the Model 3 reservation figure of ~400,000 is wildly inflated. Wahlman goes so far as to suggest that maybe Tesla only has 115,000 solid Model 3 pre-orders.
"...I had no problem placing deposits for 20 cars myself, and I didn't encounter any limit, causing me to reasonably assume that I could just have continued - placing 200 or 200,000 refundable deposits - you pick the number."
As to the 115,000 solid estimate, Mr. Wahlman breaks it down as follows:
"If you assume each of 15,000 Tesla employees booked two, that would mean up to 30,000, so add another 85,000 for those who stood in line that day, for a total of 115,000...But after those 115,000, it gets iffy. There's just no evidence as to how "real" the rest of the 400,000 number is."
Tesla CEO Elon Musk didn't dispute the claim that multiple Model 3 pre-order can be made. Apparently, the system will allow this, but according to Musk, those bogus orders that exceed Tesla 2-per limit will be quickly purged from the system.
Elon Musk Tweet
Musk then had the Model 3 pre-order system checked for duplicates and found the following:
Elon Musk Tweet
So, bogus orders (orders that exceed Tesla's pre-set limit of 2) can be placed, but those will be purged from the system.
Therefore given the first hand report from Musk, only ~800 orders have been placed above the limit (based on emails and addresses) - with Anton himself causing 1 in 40 of the transgressions gaming the system, so the actual reservation figure is still ~ 400,000, and not the huge crisis amount that Wahlman alluded to.
Source: Tesla Updates