I do think TSLA is overvalued and am short it, so far at a loss. But the best ways to "hedge against a market meltdown" are
(1) to sell stocks and stock funds, especially in tax-deferred accounts
(2) sell stock index futures, provided you understand the math
(3) buy SPX or SPY put options
Buying TSLA puts to hedge the stock market incurs a lot of basis risk. You don't know how much TSLA will fall if the S&P 500 falls 20%.