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Billionaire entrepreneur Mark Cuban told CNBC on Tuesday that he believes the Reddit traders who helped spark the GameStop short squeeze and subsequent stock surge will remain a force in the market.
“I always was taught, ‘You get long and you get loud,‘” Cuban said on “Squawk Alley.” “You get out there and create more buyers for your stock and the stock price goes up and that’s exactly what’s happening here, except it’s just WallStreetBets that’s doing the ‘getting loud.’”
Cuban’s comments came as GameStop shares were plunging about 50% on Tuesday to around $111 each, one day after losing nearly a third of their value.
The video game retailer’s stock — which rallied 400% last week, reaching an all-time high of $483 per share at one stage — started soaring in response to a short squeeze that happened when online traders on sites like Reddit’s WallStreetBets forum poured into the heavily bet-against name.