Internet pioneer Mark Cuban has already cashed out of Facebook, selling all of his 150,000 of his shares, he told CNBC Monday on “Squawk on the Street.”
“I already sold it, I took my hit, my thesis was wrong. I thought we would get a quick bounce just about the excitement about the stock. I was wrong, and when you are wrong you don’t wait, you just get out. So I took a beating and left,” Cuban said..
Facebook stock was a trade and not an investment because there was an over issuance of shares, Cuban said.
The social networking giant issued 421 million shares, a move that Cuban said hurt the company’s stock price.