ABC/Bob D’Amico(NEW YORK) — Billionaire and star of Shark Tank posted to his Twitter account Friday saying that he intended to buy stock in Netflix, just one day after the company reported disappointing earnings.
On Thursday, Netflix reported worse-than-expected subscriber growth, which led to a big drop for the company’s stock in after-hours trading. Nonetheless, Cuban believes the company has tremendous value.
“I’m buying NFLX stock,” Cuban’s tweet read. He went on to note Netflix’s size compared to other Internet and media companies.
I’m buying NFLX stock. At half of YHOO, 10B<Twitter and small pct of major media companies, Someone will try to buy them. #GetLongGetLoud
— Mark Cuban (@mcuban) October 17, 2014
In a reply tweet to a follower, Cuban stated his belief that Netflix’s value far surpasses its current price.
.@ChartProphet imho the value of nflx is so much more than its price that even if a buyer wrote a 8b check to pay it off its a bargain
— Mark Cuban (@mcuban) October 17, 2014
Cuban, the 223rd wealthiest person in America, according to Forbes magazine’s latest ranking, is worth an estimated $2.7 billion.
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