Billionaire Mark Cuban dumps Facebook stock after a month

FACEBOOK

Billionaire Mark Cuban dumps Facebook stock after a month

FACEBOOKWell, that didn’t last long. Billionaire investor and Dallas Mavericks owner Mark Cuban has dumped his Facebook stock less than a month after he gobbled up 150,000 shares in three separate 50,000-share purchases — the first at $33, the second at $31.97, and the last at $32.50. “I took my hit, my thesis was wrong,” conceded Cuban. “I thought we’d get a quick bounce just with some excitement about the stock.”

Cuban likened the transaction to trading baseball cards. “It was gambling money, to be honest with you,” he said. Facebook today closed at $31.41, down about 17 percent from its $38 IPO price.