
NASDAQ:TSLA
They just unveiled their much-awaited robotaxis; shares plunged over 8% today. Tesla needed to impress, because EV growth is slowing and there's more competition. When shares bottomed last April, Musk pivoted by changing the conversation to self-driving cars. Since then, shares nearly doubled. Then the showcase happened and Musk offered very few details, including financials and a timeline. Meanwhile, competitor Waymo keep moving ahead. He won't buy this or short it; don't underestimate Musk.
This and GOOG are blamed for today's deep sell-off, but didn't the street expect TSLA to have a weak quarter yesterday. It's hard to hold onto their big gains from the $170s (to the $250s). Elon Musk has several ventures going, like humanoid robots, self-driving cars, energy storage (this quarter, this sector doubled) and semis, though down the road. It's more than just a car company, run by a smart CEO and worth buying on his dip. But you have to be long-term and patient.
After the monster move this week, you can put on a short-term hedge by selling a Nov. $280 calls and collect $12 for 3 weeks.