Tesla Inc TSLA CEO Elon Musk sold nearly $3.6 billion worth of shares in the electric vehicle maker on Wednesday, according to a Securities and Exchange Commission filing.
On CNBC’s "Options Action," Kevin Kelly of Kelly Intelligence said Tesla traded at 1.4x more puts than calls.
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There was a buyer of 3,880 of the December 23 140-puts at an average price of $1.22 per contract, Kelly mentioned.
The trader bet that the Tesla’s stock will decline another 11% by next Friday.
TSLA Price Action: Shares of Tesla dropped 2.6% to close at $156.80 in regular trading session on Wednesday, but added 0.1% in after-hours trading.
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