Tesla is set to report earnings after the bell on Wednesday, and the pressure is on. Since hitting a low of $116 in late November, the stock has risen to $200. But one major options player is betting that Tesla shares will not only fall back to that level, but plummet all the way to $50 by January 2015.

In one of Tuesday's biggest options trades, a firm bought 2000 January 100/50 one-by-two put spreads in Tesla for $3.50 each. Buying a one-by-two put spread is a bearish bet whereby a trader buys one downside put, then sells two lower-strike puts against it to reduce costs. The maximum loss is the money spent on the trade, while the maximum gain is attained if the stock falls to the level of the two puts that were sold.

That means this trade has a very favorable risk-reward profile, at least on paper. The trader spent $350 per contract 2,000 times, so $700,000 in premium was spent. That is the maximum loss. And if Tesla shares fall to $50 exactly, the trader will enjoy a staggering $9.3 million in profits.