London/Madrid: Not everyone is giving up on Elon Musk’s dream of transforming Tesla Inc. into a private company.

Options to buy the automaker’s shares at above his suggested $420 take-private level were among the most heavily traded on Wednesday — and they gained in price, even as the stock dipped modestly. The volume on December calls at a $430 strike jumped by more than 7,000%, making it the fifth-most active put or call on the company’s shares and the only contract in the top 10 for which the price increased.

While the amounts involved are small — about 3,000 options worth $1.3 million changed hands — it suggests at least some investors see a chance for Tesla to shake off its recent difficulties. They could also represent hedging trades. After initially surging when Musk tweeted that funding was secured for his daring take-private endeavour, Tesla’s share price has since sagged, showing growing skepticism in the wider market.

On the other side of the coin, more than 5,000 options for September puts at $50 — well below Tesla’s $321.64 closing price on Wednesday — were traded, though investors paid less for that way out-of-the-money bet.

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