Mark Cuban, owner of the Dallas Mavericks and a co-host on CNBC’s “Shark Tank” acknowledged that it might seem hypocritical but it isn’t (really!); even though he bought a sizeable stake in Alibaba, he doesn’t think it should be trading on an American exchange because it is based in a Communist country, according to Insider Monkey.
Of course, the fact that he is benefiting from getting in on the largest IPO in history is irrelevant to his thesis that Alibaba, along with other Chinese stocks, should not trade in the U.S., because the SEC can’t sufficiently investigate and prevent problems like insider trading.
“If you are a host, based in a Communist country, where the only rule of law is what the Communist party says it is, how can you enforce any kinds of laws at all.”
Okay, so Mark are you selling your Alibaba? His answer is that he has his Alibaba position hedged. Even though he still owns it. Even though he thinks he shouldn’t be allowed to own it in the first place, really.