The party is over.

Tesla (TSLA) shares are set to crash, according to Shark Tank star Kevin O'Leary, who is also Chairman of O'Leary ETF Investments. 

"I'd argue there's a 30-40% downside in Tesla's stock," O'Leary said in an interview with TheStreet.

Tesla shares are up 41% since the start of the year, crushing the broad S&P 500's 4% gain. 

"There are going to be self-driving cars manufactured by many companies," O'Leary said, "Tesla is the first and perhaps the best brand known, but if I were putting money to work today into this space, it probably wouldn't be in Tesla because it doesn't fit any of the criteria that I look at in terms of derisking my portfolio."

On Friday, Apple (AAPL) disclosed that it had received a permit to test self-driving technology on public roads. Apple is the largest holding of O'Leary's U.S. focused ETF, the O'Shares FTSE US Quality Dividend ETF (OUSA) .

 

 

More From TheStreet: