According to reports, Dallas Mavericks Owner Mark Cuban has sold his Facebook Stock.
Earlier this week he told CNBC that he had sold $150,000 worth of the stock, calling the loss “gambling money”. Meanwhile the stock has been trading above $30 since June 18, and seems to be holding steady. However, the stock fell 31 cents, or 1%, to $31.60 Wednesday.
He said, “…I already sold it, I took my hit, my thesis was wrong. I thought we would get a quick bounce just about the excitement about the stock. I was wrong, and when you are wrong you don’t wait, you just get out. So I took a beating and left.”
Last month, Cuban disclosed on his blog that he had snatched up 150,000 shares of Facebook in three separate purchases. He said he bought 50,000 shares at $33, another 50,000 at $31.97 and 50,000 at $32.50.
Looks like he was playing all the levels the social network was trading at, and where investors considered it “ok”.
I think it’s funny how he called the purchases “trades” and not “investments”. However, this was an investment. Even though the loss may have been small for him, it also shows that maybe, just maybe he should stick with basketball and leave Wall St. alone when it comes to events such as these.
Any other business would have been ignored, even with a name such as Mark Cuban attached to it. However, anyone who has bought into the Facebook Stock and lost money, prepare for a little mud on your face when it’s made public.