There are macro effects also at play besides for the backlash in response to Elmo’s MAGA Holiday. The stock was overvalued, the world economy is slowing, inflation is still raging, and they maximized production at the wrong time.

What is the fair price of the stock? I don’t know. The cybertruck is stupid, FSD is still a work in progress, the roadster is MIA, the Semi could go either way, and the robot is beyond lame (at this point).

The people shorting the stock have made tons and will close out their positions when the price-slope changes. Don’t think they’ll be left holding any bags. People buying puts now may be in trouble though.