Regal’s Phil King shorts Tesla and Apple

Regal Partners founder and star stockpicker Phil King is shorting iPhone maker Apple and US electric vehicle manufacturer Tesla, saying the latter’s 30 per cent sell-off this year has further to go.

The so-called Magnificent Seven – Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla – drove much of the S&P 500’s 24 per cent return in 2023. However, Mr King said Tesla and Apple had lagged the other mega caps in recent months, acting as a drag on the overall cohort.