Mark Cuban Admits He Holds Netflix Put Options

According to a recent CNBC report, not only did Mark Cuban purchase a substantial block of Netflix, Inc. NFLX back in October 2015, but he's hedging his bets.

CNBC's Javier David elaborated, "Billionaire investor Mark Cuban […] said on Friday that he had bought options to sell against his entire stake."

This move makes sense within the context of the broader technology market.

The sector has had a rough start to the year, and experienced a significant selloff last Friday.

Netflix has been unable to escape this trend, currently down 27 percent year-to-date and down more than 25 percent over the past month.

Related Link: Tech Stocks Endure Massive Selloff, End Week Weakly

The Disclosure

"For those of [you] following my stock moves, I just bought puts against my entire Netflix position," Cuban wrote on social media platform Cyber Dust.

He continued, "I'm not selling. But I have no idea what this market will do."

At the time of this writing, Netflix was essentially flat on the day at $82.84 following an early morning spike to $84.59, a subsequent drop to $82.44 and rebound around the $84 handle.