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.
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