Mark Cuban Sold his Shares in Facebook

On May 23rd, Mark Cuban revealed that he bought just under $5 million in Facebook FB stock. Specifically, Cuban bought three 50,000 share blocks of FB at $33.00, $31.97, and $32.50. He wrote, "Its a trade, not an investment. Kind of like buying a Mickey Mantle, a Hank Aaron and a Barry Bonds Rookie Card knowing there is a card show in town next week." His explanation for the trade was a little cryptic for a number of reasons. First, in his post, Cuban doesn't have very many good things to say about Facebook. He notes that the disastrous IPO will be seen as another reason for the retail investor to leave the stock market. Today, Cuban appeared on CNBC, to discuss this recent position in Facebook. The billionaire owner of the Dallas Mavericks said that his thesis on Facebook was incorrect, and sold his shares. Cuban said, "Facebook was always a trade, not an investment... the trade was made with gambling money." He continued on to say that Facebook issued too many shares with its IPO. Cuban said they could have IPOed similar to LinkedIn LNKD, which would have been better for shareholders. During Cuban's interview with CNBC, shares of Facebook fell when Cuban unveiled that he sold his position in Facebook. Currently, shares are trading up over 2.5% at $30.78 per share.