An interesting sidebar has come from the #WallStreetBets trading frenzy, and it involves one of the most famous billionaires in the world. Mark Cuban told CNBC Thursday that his 11-year old son, Jake, “made trades” in both AMC and BlackBerry with the Reddit group.
On Wednesday Cuban tweeted that Jake made money from his trades, but then he backpedaled when talking to CNBC, telling the network that his son “hasn’t made money yet.”
While many traditional investors have ripped what’s been going on as the Reddit group rallies to try to crush hedge funds and the stocks they bet against, Cuban loves what is going on, and said his son Jake got all his info from TikTok. “I got to say I LOVE LOVE what is going on with #WallStreetBets,” Cuban tweeted. “All of those years of High Frequency Traders front running retail traders, now speed and density of information and retail trading is giving the little guy an edge.”
Cuban told CNBC he likes the fact that the inefficiencies of the market can be spotlighted when people come out of nowhere to invest like what’s happened recently. “There are many hedge funds that have made a lot of money over the years targeting heavily shorted stocks,” he said. “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.”