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Mark Cuban Says Money Lost On Facebook Stock Was Gambling Money

Cuban Sticks It To Everybody

Cuban Sticks It To Everybody

Dallas Mavericks owner Mark Cuban thought buying 150,000 shares of Facebook would be a good idea and turned out to be a bad one. A month after the social media giant’s initial public offering, Cuban opted to dump his shares and cut his losses at about $200,000.

“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,” Cuban said.

Facebook issued 421 million shares in the IPO on May 18, and Cuban’s shares totaled around $5 million.

“It was gambling money, to be honest with you. Any time you try to time the market, you get what you deserve. Sometimes you’re right. Sometimes you’re wrong. This time I was wrong.”

“Gambling money” indeed for a man who Forbes estimates is worth $2.3 billion.

 

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