Save wp_editor() content as option

If you just want to get rid of the \ characters in the string that’s returned, you can use PHP’s stripslashes():

$content = stripslashes( $content );

I’d recommend doing this on output rather than on input; WordPress adds the slashes as it sanitizes your data on insert, per update_option()‘s Codex page,

The $option (option name) value is escaped with $wpdb->escape before the INSERT statement.

See Data Validation for way more information.