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Mark Cuban advises Reddit traders as GameStop shares plunge
WallStreetBets founder: GameStop’s stock surge ‘long time in the making’
Jaime Rogozinski, who created Reddit’s WallStreetBets, argues ‘the Pandora’s box is open’ and ‘there’s no going back at this point.’
Dallas Mavericks owner and tech entrepreneur Mark Cuban had some words of wisdom for Reddit traders as GameStop Corp. shares plunged below $100 per share and barreled toward their steepest one-day decline on record .
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Shares of the Grapevine, Texas-based video game retailer fell by as much as 67% to $74.22 apiece on Tuesday before clawing back. They have collapsed by as much as 77% since Friday after Robinhood and other brokers restricted customers from making some transactions as a surge in volume strained the brokers’ abilities to cover clearinghouse deposit requirements.
“Sometimes its [sic] expensive to learn,” Cuban posted on group’s message board. “Anyone who has traded for a while has learned an expensive lesson they couldn’t [sic] afford. I know i [sic] have.”