Social media stocks are not in a bubble, billionaire investor Mark Cuban told CNBC on Friday.
The Dallas Mavericks owner, who made his fortune as an Internet entrepreneur, said in a "Squawk Box" interview: "It's not 1999 all over again by a long shot."
He disagreed with a report from the Federal Reserve, stating valuations are stretched for smaller social media and biotech stocks. Fed chair Janet Yellen went so far as to pledge last week on Capitol Hill to remain vigilant over asset possible bubbles.
"I think Twitter has its challenges. It'll improve its monetization like Facebook did. Facebook has its challenges," said the "Shark Tank" co-host. But I think Netflix is game-changing and has an opportunity to really change the game to present content even more."