So he’s not buying the whole company, but he is buying shares. “A couple million” to be exact. Mark Cuban announced recently he is buying “a couple million” shares of Twitter because of the company’s possible artificial intelligence capabilities. In an interview on CNBC’s Squawk Alley, Cuban told the reporter, “I started buying Twitter just recently because I think they finally got their act together with artificial intelligence.”
Twitter isn’t the only company showing off interest in pursuing AI. The company joins the AI bubble along with the likes of Facebook, Amazon, Boeing Co., and Tesla. Following a huge revenue miss for Twitter in February, CEO Jack Dorsey insisted not all is lost. He announced Twitter just acquired Magic Pony Technology, a London-based technology company that has developed novel machine learning techniques for visual processing.
What does it all mean? Machine learning will help the company understand how to better enhance your user experience with Twitter. Sounds cool.
After Cuban announced his investment, shares of Twitter soared by roughly 5% as of 1:15 p.m. ET to $18.42. You can see the visual here.