Is the 11-year-old son of Dallas Mavericks owner Mark Cuban a bona fide Redditor? Cuban said his son made trades in AMC and BlackBerry with the Reddit forum r/WallStreetBets after the subthread worked together to invest in shares of GameStop, AMC Entertainment and BlackBerry.
The business mogul and Shark Tank figure said his son, Jake, found out about the stock-driving via TikTok (via CNBC):
In fact, his 11-year-old son, Jake, “made trades” in AMC and BlackBerry with the Reddit group, Mark Cuban tells CNBC Make It. “He got all his info from TikTok.”
Cuban tweeted on Wednesday that his son made money from the trades, but on Thursday, Mark Cuban clarifies to CNBC Make It that Jake “hasn’t made money yet.”
Cuban had previously encouraged the movement as a win for the “little guy,” and said again Thursday he was pleased the stock price was being driven by common people, rather than hegemonic power brokers:
“There are many hedge funds that have made a lot of money over the years targeting heavily shorted stocks,” Mark Cuban said, via CNBC. “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.”
While Cuban is among those intrigued by recent developments in the market, he is also hoping his Mavs can drive their own stock up.
Dallas fell to 8-10 after a loss to the Utah Jazz on Wednesday night. Whereas most of the NBA is experiencing a surge in three-point percentage, the Mavs rank dead-last in that department.
The Mavs will hope to get back at the Jazz on Friday.