How does this stock transaction by Tesla Board member make sense?

I tried to post this in TeslaInvestor sub but kept getting removed.

It was announced today that Tesla Board member Antonio Gracias sold approx 150k shares, but replaced them “by purchasing call options that expire in June of 2022 and 2025, with exercise prices of $52.38 and $68.56”

My question is, how does this make sense? Does this move indicate that Gracias thinks Tesla share price will be below $100 by June of 2022? If so, that either seems extremely bearish or perhaps indicates the potential for another significant stock split.

Am I missing something?


submitted by /u/TheNewJasonBourne
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