Mark Cuban bought 2 stocks during coronavirus selloff
He's taken some 'small nibbles'
Mark Cuban is dipping his toes into the stock market amid one of the sharpest selloffs in history.
All three of the major U.S. averages plunged by at least 9.5 percent Thursday, their biggest one-day drops since the 1987 Black Monday crash.
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The losses left U.S. indexes deep in bear-market territory, defined by a drop of at least 20 percent from recent highs, causing some investors to begin looking for bargains.
“I've taken a little small nibble in some positions, but I haven't rushed into anything,” Cuban, owner of the Dallas Mavericks, told FOX Business’ Maria Bartiromo on Friday morning. “And if it goes much lower, I'll nibble some more.”
Cuban told Bartiromo that he has bought the shares of two companies, Live Nation Entertainment and Twitter, amid the market’s carnage.
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Live Nation, an events promoter that runs concert venues, had plunged by 52.4 percent from its record high on Feb. 19 through Thursday. He says as long as artists make most of their money from concerts and need to feed their families “they’ll find a way” to perform.
Cuban also bought Twitter, which he believes will see a sustainable boost in daily user volume. Shares of the social media company had plunged 31.4 percent from their February peak through Thursday.
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“And then I have my old faithfuls, Netflix and Amazon, which I just didn't touch,” he added.