Tesla ($TSLA) shares were down nearly 10 percent in early trading Thursday, following a report from the electric car-maker that deliveries dropped 31 percent in the first quarter.

Tesla delivered just 63,000 vehicles in those three months, compared to the consensus estimate of 73,500.

Gabe Hoffman, managing partner of Accipiter Capital and noted Tesla bear, told Cheddar that, for Tesla:

"The beginning of the end is today."

Hoffman, who is short the stock, said it is massively over-valued relative to its profits. "I don't think Tesla is worth $100," he said.

Tesla blamed the Q1 numbers on a combination of the phasing out of the federal tax credit as well as logisitical hurdles in shipping cars to Europe and China.

For full interview click here.