Billionaire Mark Cuban Tells Reddit Traders to “Hold” GameStop “If You Can Afford To”

183
SHARE

Cuban said, “They let you down in a big way.” however he is convinced that Reddit traders will continue disrupting Wall Street and they will be smarter.

“You will do all this again. You will go after WS and the next time you will be smarter…No disruption is easy or happens in a straight line. Stay with it. I am a believer,” he wrote on the WallStreetBets forum.

Separately, during an interview with CNBC’s Squawk Alley, Cuban said that the Reddit traders learned valuable lessons from the short squeeze. He believes that they will not go away.

“I think now that they’ve recognized their power and now that they’ve learned some lessons, we’re going to get more of it, not less of it,” said Cuban.

Robinhood, SEC should have warned traders about trading limits

The billionaire tech entrepreneur also stated that Robinhood and the Securities and Exchange Commission (SEC) should have warned traders last week about trading limits.

He argued that the trading restrictions on GameStop contributed to the decline of its stock price. “When you shut them down … you took out a lot of natural buyers. When sellers come in, if there aren’t buyers, sellers keep on lowering their price until they find buyers and the stock goes down,” said Cuban.