Armstrong Bats For Retail Investors Amid IPO Wave
Armstrong said on X that current rules unfairly restrict “retail investors” from early-stage private deals, forcing them to wait until IPOs, when much of the upside has already been captured.
“These rules were created with the best of intentions, to protect regular people from scams – a noble idea,” he added. “Unfortunately, in practice, they’ve often made it illegal to get richer, unless you’re already rich.”
His remarks follow the blockbuster stock market debut of Space Exploration Technologies Corp. (NASDAQ:SPCX), which operated as a private company for over 24 years.
Cuban Jabs Armstrong
Accredited investor rules are set by the SEC, dictating who is legally permitted to invest in private markets. An individual qualifies if they have a net worth exceeding $1 million, excluding their primary residence, or earned more than $200,000 in each of the last two years.
However, Cuban saw the funny side of it.
“Just sell em MemeCoins, Brian,” the “Shark Tank” star said, as if implying that memecoins are an already accessible way for retail investors to chase big upside without needing accredited status.
However, the cryptocurrency crowd was not amused at his take, with some accusing him of bitterness due to his recent “losses” in the market.
Is Cuban Done With Crypto?
He also expressed his dissatisfaction with cryptocurrency in general, arguing it hasn’t come up with an “application for grandma.” He referred to memecoins as “garbage.”
Mark Cuban | Photo courtesy: Kathy Hutchins / Shutterstock.com
