Mark Cuban, the outspoken billionaire owner of the Dallas Mavericks, helped power Twitter to large gains in stock price Tuesday, after an announcement that he would be purchasing a hefty number of shares in the social media company.
When the stock market closed Tuesday, the price of Twitter stock had gone up 4% to $18.24, a big jump for the company that has never made a profit.
“My biggest holdings are Amazon, which I think is the leader in the space, and Netflix for video, and I started buying Twitter recently because I think they finally got their act together on artificial intelligence,” Cuban said on CNBC’s Squawk Alley.
Twitter has seen a week full of good news that has pushed up its stock price. On Monday, shares for the company increased 7% in price after it was revealed that CEO Jack Dorsey and ex-New York mayor Michael Bloomberg would partner to create a 24/7 news channel.