Mark Cuban told investors not to sell stocks amid the market mayhem — but then walked back his advice
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- Mark Cuban deleted an X post urging investors not to sell after markets plunged last week.
- The "Shark Tank" star later said "no one knows" what's coming and people should do what's right for them.
- Cuban previously warned that Trump's tariffs and DOGE cuts could cause a worse crisis than in 2008.
The billionaire investor and "Shark Tank" star Mark Cuban told investors not to cash out their stocks following last week's market turmoil, but he then deleted the post and walked back his advice.
"Don't sell. It will come back. I just don't know how long it will take." he posted on X on Sunday night. Watcher.Guru, a financial news outlet with almost 3 million X followers, and many other accounts reported the deleted comments shortly after he made them.
In a follow-up X post on Sunday, Cuban explained his decision to delete the post: "As some other rightfully mentioned, no one knows. You have to look at your own circumstances and talk to those whose advice you value."
Cuban didn't immediately respond to a request for comment.
His remarks came after US stocks suffered their worst week since 2020.
The S&P 500 dropped about 10% in two days, while the Nasdaq 100 entered a bear market for the first time since 2022.
Wall Street fell again on Monday after more losses in Asia and Europe.
The sell-off followed President Donald Trump's announcement of sweeping tariffs on US trading partners, including a near-universal 10% duty and levies higher than 50% in some cases. The move rattled investors, with some analysts cutting their year-end targets and warning of heightened recession risks.
In a series of Bluesky posts on Saturday, Cuban said Trump's aggressive tariffs, combined with DOGE cuts, could trigger a worse financial crisis than the Great Recession of 2008.
"If the new tariffs stay in place for multiple years, and are enforced and inflationary, and DOGE continues to cut and fire, we will be in a far worse situation than 2008," he wrote.
During the 2008 financial crisis and its immediate aftermath, US GDP fell by more than 4%, the unemployment rate hit 10%, and the housing market collapsed in what economists call the deepest recession since World War II.
Trump said in comments to reporters that there would be some "short-term" pain, but he was more forceful in a Friday post on Truth Social, writing: "ONLY THE WEAK WILL FAIL!"
Editor's note: This story was updated to reflect the content of Cuban's deleted post that was widely reported on social media.