Mark Cuban Says Money Lost On Facebook Stock Was Gambling Money
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.