The party is over.
"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) - Get Apple Inc. Report 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) - Get OShares U.S. Quality Dividend ETF Report .
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