With all the Wall Street craziness going on, of course, Mark Cuban‘s son had to join in on the seemingly easy money being made. Cuban revealed on Twitter that not only does he “LOVE LOVE” what’s happening on Wall Street, but his 11-year-old Jake is also taking part in trading AMC and Blackberry stocks on Robinhood.
The Shark Tank star gave more details on the new trader in his family on TMZ Live. Cuban schooled his son on the stock market after he bought his first shares of stock for very little, teaching him that “what goes up, sometimes comes way down.” He said: “He was making money yesterday, today not so much. He’s learning a very big lesson about the stock market. He’s not happy right now.”
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I got to say I LOVE LOVE what is going on with #wallstreetbets. 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. Even my 11 yr old traded w them and made $
— Mark Cuban (@mcuban) January 28, 2021
“The funny thing is, he sees them and learned about all this on TikTok. He’s not on Reddit or anything. He saw it all through his TikTok feed,” he continued, showing off some of his parenting skills. “We opened up a Robinhood account and I made him explain to me why he liked these companies and why he wanted to buy them. He spent less than $100 on them. He learned a lesson and that was the important part of it.”
Amid all the chaos going on within various business stocks, Robinhood stopped trading the next day on a few of the stocks experiencing volatile changes. Cuban shared his thoughts on the action saying, “In terms of shutting it down, there’s going to have to be a lot of explanations from Robinhood and from other online trading companies and apps on why they’re shutting down,” he said. “Their explanation that ‘well, we’re just trying to balance out the market or deal with volatility’ just doesn’t hold water at all and there’s got to be a bigger reason behind it.”
