Billionaire and Dallas Mavericks owner Mark Cuban has sold his Facebook stock less than a month after buying a stake in the company following its IPO.
"I took my hit, my thesis was wrong," Cuban says in a CNBC interview. "I thought we would get a quick bounce just with some excitement about the stock."
"I was wrong, and when you're wrong you don't wait, you just get out. I took a beating and left."
Last month, Cuban revealed he had bought 150,000 shares of Facebook for prices ranging from $31.97 to $33. The social network's stock is hovering around $31 this week.
"It was gambling money, to be honest with you," explains Cuban. "Any time you try to time the market, you get what you deserve. Sometimes you're right. Sometimes you're wrong. This time I was wrong."
Billionaire and Dallas Mavericks owner Mark Cuban has sold his Facebook stock less than a month after buying a stake in the company following its IPO.
