In October, Cuban made waves when he declared he was a buyer of the streaming company's stock, which at the time was on the decline. Amid a massive shake out in technology stocks overall, Netflix's stock is faring even worse now: Shares are off by nearly 28 percent since the start of the year.
Cuban took to Cyber Dust—his social media platform of choice where he frequently makes pronouncements about markets, politics and everything else—to let investors know that he was hedging his Netflix bet.
"For those of following my stock moves, I just bought puts against my entire Netflix position," Cuban posted on the site.
"I'm not selling. But I have no idea what this market will do," the outspoken mogul added. "Dust on!"
Blue chip and technology shares took yet another walloping on Friday, with the Nasdaq swooning by 3 percent after U.S. jobs data fell short of market expectations. Anxiety over the Federal Reserve's next steps remains acute, as questions swirl about the health of the global economy.