Mark Cuban purchased Vringo stock shortly after pushing Lamar Odom out of his life. Vringo is a Delaware corporation that was founded in 2006 by entrepreneur and venture capitalist Jonathan Medved and mobile software specialist David Goldfarb. The company provides software platforms for mobile social and mobile video services.
According to data from FactSet Research Cuban now owns more than 1.03 million shares of stock making him the largest holder.
Within hours of making the big deal, shares of the stock increased in value by 16% to $3.53. By the time the market closed “the stock had more than tripled since the start of the year.”
His investment comes as a surprise because he told Business Insider in December of 2011 that, “Wall Street used to be a place where you can raise capital to grow businesses. That’s not the case anymore. Wall Street has become a platform for hackers.”
Cuban went on to explain that algorithmic trading and high frequency trading has led investing in Wall Street to lose its purpose. He went on to say that, “Unless you are buying stock that pays you dividends — or it pays you some return in some way or another — it’s no different than buying a baseball card.”