In his blog post, the billionaire investor criticized an outdated Wall Street that ‘has not changed much in generations.’
He said:
Mark Cuban also critiqued the SEC, stating that it needed to introduce rules that are easily understandable by the masses and be more accessible to all traders.
He quoted:
Mark Cuban’s take on ‘wallstreetbets’
‘Wallstreetbets’ will go down in the annals of history for exploiting the very system that Wall Street used to get rich. The group even bought a billboard in Times Square to commemorate the achievement.
The unexpected move of buying GameStop’s stock rather than selling them led to short-sellers and hedge funds losing over $70 billion.
Mark Cuban also said:
Readers can read his blog post here: The Mark Cuban Weblog.
The Future of GameStop
While Mark Cuban and others have come out in support of GameStop’s stock surge due to Redditors, the shares fell more than 30% on Monday.
Robinhood continues to limit the buying/trading of GameStop’s stocks despite facing a class-action lawsuit. The company has even narrowed down the trade options to just eight companies from its portfolio of 50.
Currently, the trading app only allows clients to buy 20 shares of GameStop. If the user already owns 20 shares, they can’t purchase further shares.
Following the trend, it’s still unclear how much longer the surge will sustain, with many traders selling shares for a quick profit.
Perhaps ‘wallstreetbets’ can pull off another miracle, rallying the masses to buy more shares, but as of now, GameStop’s stock is down from a staggering $469 to a mere $225 at the moment.
Mark Cuban’s words may have inspired others to ‘kick their (Wall Street’s) a**,’ but the giants of the game are now better prepared and ready for Reddit to make its next move.
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