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It once seemed that Elon Musk would ultimately triumph against Tesla’s many critics. But the electric-car maker CEO’s behavior has become so erratic that it can no longer be dismissed as someone under gargantuan pressure lashing out at his tormentors or releasing tension.

It’s now prudent to prepare for a difficult fate for one of corporate America’s most colorful companies.

Soon after Tesla (ticker: TSLA) raised some $2.7 billion in early May by issuing new stock and convertible notes, Musk surprised everyone by emailing employees that the company would run out of cash in about 10 months. Prior, Musk had said Tesla didn’t even need to raise capital.

We’ve long viewed Tesla’s stock options as opportunities to take advantage of the great controversy surrounding the company and Musk. Despite financial concerns, it was possible to sell expensive, high-volatility short-term puts to profit from the discord as the stock generally behaved reasonably well. Besides, Tesla made beautiful electric cars.

But Musk’s cash-burn email, and concerns that Tesla’s sales are slowing, signals the need for a new approach. It’s time to prepare for Tesla’s stock to fall so low—for reasons ranging from bad earnings reports to Musk’s seeming inability to control himself—as to make its 42% year-to-date loss seem like a petit mal seizure.

With the stock trading around $192, investors can buy the November $190 put and sell the November $165 put for a net cost of about $10.40. This positions investors to make a maximum profit of $14.60 or about a 145% return, if the stock is at $165 at expiration.

The put spread expresses a view that Tesla’s stock is technically broken, and that investors are tired of Musk’s shenanigans. The November expiration covers the expected release of second-quarter earnings in early August and third-quarter earnings in early November.

If you want to make a death bet, buy Tesla’s June $150 puts that expire in 2020 for $23.80. If the company goes out of business, the maximum profit is $126.20.

These trades are akin to dancing atop a coffin, or around a grave, and they are made with some remorse. Musk is trying to revolutionize automobile travel without harming the environment, and he has been excoriated. He has imagined a world in which the future can be better, but his antics have made him into a distraction.

Investor sentiment remains volatile, and analysts are lowering their estimates. Morgan Stanley said Tesla’s stock could plummet to $10 in a worst-case scenario.

One high-net-worth financial adviser expects Musk will try generating excitement when earnings approach by tweeting something bullish about Tesla’s great ambitions. Earnings will likely prove underwhelming.

If Musk were a slightly mad artist, tracking his contradictory statements could be amusing, but he runs a public company. He knows what such inconsistencies mean when related to other people’s money and how all of this impacts employees, some of whom haven’t received raises or bonuses despite increased responsibilities.

If we could imagine a new beginning for Tesla, Musk would go full California and embark on a vision quest in the desert. He would sit in a sweat lodge in a trancelike state and have mystical visions. He would dance beneath the moonlight with a shaman.

After a few days, Musk would return to Tesla’s headquarters to hold a press conference. He would talk about his renewed purpose. The shaman would become Musk’s advisor and help him stay steady as he battles critics.

Who knows what Musk might do next? It seems he can’t help but alienate investors, even though it looked like he was so close to realizing his vision. That’s why those puts have to be wedged beneath Tesla’s weakened stock.

Steven M. Sears is the chief investment officer at StratiFi Technologies.