Billionaire investor and entrepreneur Mark Cuban said Thursday that he’s adding to one of his favorite tech companies as the stock market continues its dramatic slide on coronavirus concerns.
“I bought some Twitter today. I’m a long-term holder there. I owned shares going into this decline. I don’t know what’s going to happen or when, but I think long-term we’ll be okay,” Cuban said on CNBC’s “Fast Money Halftime Report.”
Shares of the social media company plunged more than 14% in Thursday’s overall market plunge. The stock hit a new 52-week low Thursday.
Analysts covering social media stocks have expressed concern about how the coronavirus epidemic threatens advertising budgets for companies.
Cuban, who sold a company that he co-founded to Yahoo at the height of the tech bubble, said he is not sure when the overall market will bounce back.
“I’m just as concerned and confused and uncertain as everyone else. I’m a long-term bull in terms of our country, and at some point the markets will be higher, I just don’t know when,” Cuban said.
Cuban also said that he bought shares in Live Nation earlier in the week, though that stock has continued to fall, hitting a new 52-week low Thursday.
He advised that investors take a step back and look at the longer path of stocks, pointing out that the market is still above where it was at the bottom of the December 2018 sell-off.
“Anybody who truly has been a buy-and-hold person, you feel the pain because you look at your 401(k) or you look at your statement, and you think things are great over the past 12, 13, 14 months,” Cuban said.
“But in reality, we’re just back where we were 13 months ago,” he added. “We didn’t get upset or excited when it went up fast, and we shouldn’t get excited when it goes down fast. We haven’t hit a level that is really out of line.”
Originally published at CNBC