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One might say Mark Cuban‘s got a baby shark on his hands — his 11-year-old son got in on the Robinhood craze, but in just one day he learned some tough lessons.
The “Shark Tank” star joined us on “TMZ Live” Thursday and told us all about his fam’s newest trader, Jake, who was flying high Wednesday, when he opened his Robinhood account and picked up a couple shares of AMC and BlackBerry.
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 @mcuban
Mark says Jake was riding high as he turned his first trades into seemingly easy money — but like millions of investors, Thursday morning turned into a learning experience for him.
Pop had to break it down for Jake — what goes up sometimes comes way down. Like, way down.
Fortunately for Jake, his father is a billionaire, so this lesson won’t cost him everything — he only invested about $100, anyway. But, watch the clip … Mark taught his son something else about how to react when a stock you like suddenly plummets.
Stock school aside, Jake is ticked off about Robinhood shutting down trades — and Mark told us why the free-trading app has some explaining to do.
Sounds like Jake might not be the only young’un jumping into the market. Mark says his son used an unusual source to pick his stocks … one that’s all the rage with kids.