$ETH $TSLA The market mainstream directly links Musk’s midterm election bet falling short to Tesla’s stock decline, favoring a “political risk premium” narrative. But I believe attributing $TSLA’s decline to the election result itself gets the causality backward—the real pressures on the stock are tax shield expectations failing to materialize and the pace of autonomous-driving regulation, not which party won. The data shows that Tesla’s options-implied volatility did not rise significantly after the election, while the put/call ratio actually fell from 1.2 to 0.95, suggesting institutions did not engage in large-scale hedging against political risk. Meanwhile, BTC stabilized near $80,613, up +4.01%, and risk assets as a whole did not shift into safe-haven mode. Tesla’s decline looks more like a stock-specific narrative than a macro-driven move. Historically, Tesla also underperformed the broader market by about 7% after the 2018 midterm elections, but then rebounded more than 30% over the following three months as Model 3 production ramped up—political noise is often an opportunity to build a position, not a signal to exit. What really matters is the Texas factory’s production guidance and progress on FSD regulation, not Musk’s donation receipts. What do you think? Different views are welcome in the comments.