Sadly the options market is efficient. A September 62.50 put option is trading at almost $42. So if the stock goes to $10 in the next 6 months (an 85% drop), you’d make $10.50 of profit on your $42 investment…. Or a 25% return by successfully betting on an 85% drop in the 6 months.

Only way to play the downside is just to outright short it, but given the GameStop scenario, there’s no way I’d touch that. Call options to stop your losses are also way too expensive. I suppose you could fund your puts by writing calls, but then you’re back to the GameStop scenario with the potential for unlimited losses.

When the dust eventually settles, there are going to be a lot of maga retail investors with damn near 100% losses