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.
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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
