Billionaire Mark Cuban thanked Wall Street Bets, advised members to hold their GameStop stock, and slammed the SEC in a Reddit AMA. Here are the 12 best quotes.
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Billionaire investor Mark Cuban thanked Wall Street Bets for disrupting the financial establishment in a Reddit “Ask Me Anything” discussion on Tuesday.
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The “Shark Tank” star and Dallas Mavericks owner also recommended the subreddit’s members hold their GameStop shares despite their recent plunge. Moreover, he criticized stock-market regulators, praised stimulus checks, and explained why he likes people shorting his companies.
1. “If you can afford to hold the stock, you hold. I don’t own it, but that’s what I would do. Why? Because when Robinhood and the other online brokers open it back up to buyers, then we will see what Wall Street Bets is really made of.”
2. “When I buy a stock, I make sure I know why I’m buying it. Then I HODL (hold on for dear life) until I learn that something has changed. The price may go up or down, but if I still believe in the logic that made me buy the asset, I don’t sell. If something changed that I didn’t expect, then I look at selling.”
3. “I know you are going to hate to hear this, but the lower GameStop’s stock price goes, the more powerful Wall Street Bets can be in stepping up to buy the stock again.”
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4. “Best thing you can do is hold on to the stock and do business with GameStop. If everyone goes to their website and buys from them, that is going to help the company, which will help the stock, which will help everyone here.”
5. “The SEC is a mess. I wouldn’t trust them to do the right thing ever. It’s an agency built by, and for, lawyers to be lawyers and win cases, rather than do the right thing.”
6. “There will be class-action lawsuits. And you will win. And after legal fees you will get your $4 settlement check.”
7. “I actually love to see the companies I own shorted. If it’s a company I want to own, I know the shorts can be squeezed and if the company does really, really well, then the shorts will have to cover, creating more demand for the stock of the company I own, pushing the stock price up.”
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8. “Back in the day I used to run a public company. I used to tell anyone and everyone I knew who didn’t believe in us to short the stock.”
9. “I’m a fan of stimulus payments. I think the best investment our government can make is in the American people. At 1% interest rates, we can get a great return.”
10. “You will go after Wall Street and the next time you will be smarter. There was only one thing that messed you all up: Robinhood and the other zero-commission brokers that everyone used didn’t have enough capital to fund the fight. They let you down in a big way.”
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11. “When you load back up, find a broker with TRILLIONS OF DOLLARS in assets on their balance sheet. Someone that can be there when the fight starts and won’t blink an eye.”
12. “Thanks for changing the game. Thanks for taking on Wall Street. Thanks for making kids around the country, if not the world, including my son and daughter, want to learn about stocks and try trading them. Wall Street Bets changed the game far more than everyone on this board will ever get credit for.”