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Tesla stock - which is overpriced
Huge number of theories out there and nobody knows if any of them are correct.
That said, there are early signs that Tesla's early market dominance might not be as baked in as many thought. Lots of nervous Tesla shareholders looking at VW's pre-order list size and how easily Tesla was pushed out of the way as EV market leader in Norway.
Prepare yourself for years and years of half baked hot takes. Not just from me, for a change.
Stonehedge
I've read all sorts of reasons why he's done it - one of them suggested it gave him a reasonable reason to liquidate a lot of Tesla stock - which is overpriced - in anticipation of a fall.