TSLA 2025 LEAP puts about 20% OTM partly as a speculative instrument but also as a portfolio hedge.
Working thesis: losing the EV subsidy on most of their cars next year, declining prices on most of their models which will hurt margins/profits, recalls/bad press on many of their vehicles with reliability issues, profitability for the second half of this year has not been great but still > 100% rise YTD, increasing competition within the EV space.