The Facebook skid continues.

Shares just dropped below $30 for the first time since its initial public offering, as the beginning of options trading combined with continued negative sentiment to keep weighing on the stock.

The stock recently traded down 9.4% at $28.73.

As the social media giant’s options became available for the first time, investors jumped on the opportunity to bet on the future of the stock, making the options the second-most actively traded individual name of the day. Only Apple options traded more frequently.

In the first 90 minutes of trading, about 115,000 Facebook options had traded, granting the right to buy or sell 11.5 million shares of the stock.

The derivatives, which allow investors to bet on Facebook stock movements going forward with less capital exposure, traded all over the board, with some investors seeing a jump to $65 a share by January 2014, while other bet on a slump to $16 a share by December. The largest option trades, however, bet on Facebook seeing more downside this summer, pegging a $25 share price by mid-July.