Billionaire Mark Cuban said that his 11-year-old son is getting in on the trading frenzy started on the subreddit WallStreetBets. Cuban wrote on Twitter that he supports the movement, which has caused hedge funds to lose billions of dollars on stocks they attempted to short, while retail traders have been able to earn a nice profit.
Cuban said that his son managed to make some money, though he didn't say exactly how much the young boy cashed out.
"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 $," Cuban tweeted.
Cuban said that hedge funds have been making money targeting heavily shorted stocks for years, and he is glad to see that retail traders are getting in on the action.
"It's not the first time low float or heavily shorted stocks have been targeted," Cuban said on CNBC'sSquawk Box. "There are many hedge funds that have made a lot of money over the years targeting heavily shorted stocks. I don't think this is anything different. It's just the people who are making the push aren't who we expect them to be, and so that's why I like it."
"When you bring people out of nowhere to really show the inefficiencies of the market, it's a good thing," Cuban added.
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