Mark Cuban Takes Interest In Live Nation Investment As Stock Plummets Mark Cuban Takes Interest In Live Nation Investment As Stock Plummets
Billionaire Mark Cuban is looking to invest amid a tumultuous period that has seen the market take a drastic tumble. He has taken a... Mark Cuban Takes Interest In Live Nation Investment As Stock Plummets

Billionaire Mark Cuban is looking to invest amid a tumultuous period that has seen the market take a drastic tumble. He has taken a particularly surprising interest in Live Nation stock despite its sudden free-fall in response to the coronavirus disrupting the live event industry.

The investor revealed to CNBC on Wednesday that he’s bought some shares of Live Nation Entertainment (LYV), which is down nearly 70 percent for the year. As of the most recent closing, Live Nation shares were priced at $29.49 – a stark drop-off from the $76.08 high reached only a month ago.

“I’ve been putting in one, one and a half percent to work on every down day,” Cuban told CNBC. “I bought a little Live Nation. I actually sold some puts and sold some calls on some things I had just because the premiums are just incredible. I mean it’s stunning, the premiums that are in place right now.”

He went on to say that the current market woes are not enough to deter him from making choice investments.

“It looks like we’re starting to get into a trading range — up 5 percent, down 5 percent, up 5 percent, down 5 percent, and I’m not quite sure why,” he said. “I’ll dip my toe in the water hoping that two years from now this will all be a nightmare that we put behind us and the market will be much higher.”

As its numbers continue to plunge, Live Nation stock faces a potential downgrade from the S&P Global Ratings. The entertainment titan was given a BB-minus rating, which the agency defines as “less vulnerable in the near-term but faces major ongoing uncertainties to adverse business, financial and economic conditions.”

Meanwhile, Cuban is balancing his investments with a prolonged hiatus from the NBA. The Dallas Mavericks owner is waiting in the wings for play to resume again, the prospect of which commissioner Adam Silver recently discussed. Cuban has also taken measures to assure workers will get paid in the absence of work during the league’s suspension.