- Mark Cuban says he cashed out his Twitter stock.
- The investor and TV personality said in May 2017 that he started buying shares.
- Citron Research upgraded Twitter earlier on Monday.
- Watch Twitter trade in real time here.
Mark Cuban is taking his Twitter profits and running.
The investor and TV personality told CNBC on Monday that he has exited his stake in the social-media company because he “wanted to accumulate as much cash as possible.”
Cuban’s Twitter trade appears to have been a profitable one. On May 2, 2017, he told CNBC’s Squawk Alley that he started buying Twitter because he thought they “finally got their act together with artificial intelligence.” At the time, Twitter was trading at $US17 a share – nearly half its current level of $US33. It is unclear how much of the stock Cuban owned.
Twitter’s stock topped out earlier this year at near $US48 – before its disastrous second-quarter earnings sent shares tumbling by more than 27%. The sell-off was the result of the company announcing an unexpected decline in its number of monthly active users.
Earlier on Monday, Citron Research upgraded the social-media company, giving it a $US52 price target. “$TWTR has hit a level of relevancy as never before,” the firm tweeted. “With privacy concerns in its rear view & execution on all fronts -Citron expects new highs.”
Twitter shares are up 3.12% on Monday and about 38% this year.
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