Dallas Mavericks owner Mark Cuban's son Jake is in on the Robinhood craze that has rocked the Wall Street this week. The 11-year-old was flying high on Wednesday when he opened his Robinhood account and picked up a couple of shares of AMC and BlackBerry. Cuban had previously encouraged the 'Reddit stock movement' as a win for his son, who found out about the stock driving via TikTok.
In an interview with CNBC, Dallas Mavericks owner Mark Cuban revealed that his son also joined in on the Reddit Stock bandwagon. The business mogul and Shark Tank figure had taken to Twitter to announce that his 11-year-old was getting an edge and made some decent money. Reddit forum WallStreetBets worked together to invest in shares of GameStop, AMC Entertainment and BlackBerry and Mark Cuban's son Jake made trades in AMC and BlackBerry.
I got to say I LOVE LOVE what is going on with #wallstreetbets. All of those years of High Frequency Traders front running retail traders,now speed and density of information and retail trading is giving the little guy an edge. Even my 11 yr old traded w them and made $— Mark Cuban (@mcuban) January 28, 2021
Cuban had previously encouraged the movement on Twitter suggesting that it was a win for the 'little guy'. The Mavericks owner was pleased the stock price was being driven by common people, rather than hegemonic power brokers. The 62-year-old said, "There are many hedge funds that have made a lot of money over the years targeting heavily shorted stocks. I don’t think this is anything different. It’s just the people who are making the push aren’t who we expect them to be and so that’s why I like it".
Mark Cuban is a serial entrepreneur and has both owned stocks and shorted them over the years. However, the 62-year-old said he wouldn’t buy any of the stocks that are part of the current frenzy as it is “not his thing” and advises newbies to do their homework. The Mavericks owner told Bloomberg, "At the end of the day, get long and get loud has been the narrative to move stocks for generations. Now that tool is available to small traders and can be empowering for them". Cuban said regulators should be monitoring for whether the rally in certain stocks is a pump-and-dump scheme.
Mark Cuban is intrigued by the recent developments in the stock market and will hope that his franchise can kick on the in NBA season. The Mavericks are on a three-game losing streak, after their close win over the San Antonio Spurs last week. Dallas are currently 12th in the Western Conference Standings with an 8-10 record.