Mark Cuban thanks Wall Street Bets for 'changing the game' after the Reddit forum fueled a meme-stock frenzy

• Mark Cuban, in a Reddit AMA on Tuesday, advised amateur traders to hold their shares of GameStop.
• He said that he is a 'believer' in the power of the Reddit forum to move the market.

In a Reddit AMA on Tuesday morning, billionaire investor Mark Cuban expressed gratitude to the members of the WallStreetBets Reddit forum.

"Thanks for changing the game," he said. "Thanks for taking on Wall Street."

In the past week, amateur traders on WallStreetBets have driven up the value of several stocks, including GameStop and AMC Theaters, that some hedge funds bet heavily against. The resulting short-squeeze caused trading restrictions on the popular trading app Robinhood and uproar on social media. The ongoing saga also sent shockwaves across the industry and drew scrutiny from lawmakers.

Though Cuban said that he does not own GameStop shares, his advice to those who do is to hold onto their shares if they can.

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"If you can afford to hold the stock, you hold," he said. "I don't own it, but that's what I would do. Why ? Because when RH and the other online brokers open it back up to buyers, then we will see what WSB is really made of. That is when you get to make it all work."

He also predicted in the AMA that Wall Street Bets would be able to replicate this trading pattern in the future. His advice was to change brokers, saying that Robinhood did not have sufficient capital to "fund the fight."

"When you load back up," he continued, "[find] a broker with TRILLIONS OF DOLLARS in assets on their balance sheet."

GameStop stock has seen a sharp drop in value this week, and Cuban's comments come against a backdrop of market uncertainty.

Robinhood temporarily froze trading of GameStop and other highly valued stocks last week in order to meet federal clearing house and capital requirements. The app has raised $3.4 billion since last week, but trading restrictions are still in effect, although they have been slowly loosened on GameStop.

Several class-action suits have already been filed against Robinhood. Cuban, when asked about the odds of success of the suits, was not particularly optimistic about their ability to make change.

"You will win," he told one user of potential suits. "And after legal fee[s] you will get your $4.00 settlement check."

This AMA isn't the first time Cuban has commented on the ongoing market volatility fueled in part by Reddit. In a blog post on Sunday, the investor wrote that "Wall Street and the agency that governs it, the SEC, have become fat and happy. Fat and Happy makes [the] old school slow and resistant to change."

He also expressed his support in a tweet last week.

—Mark Cuban (@mcuban) January 28, 2021

Cuban told CNBC on Tuesday of WallStreetBets traders that, "I think now that they've recognized their power and now that they've learned some lessons, we're going to get more of it, not less of it."