Billionaire investor Mark Cuban said that he was "not really nervous" about the Dow Jones Industrial Average's historic plunge on Monday.

Fox News host Neil Cavuto asked Cuban if the drop had him concerned, and Cuban said no. He made the point that the market likely had to correct after such a large run-up.

"I think it was necessary," he said on Fox News. "I still think there's uncertainty about what the market does next, but you know, when you have a run-up like we've had since the election, you know, markets don't go in a straight line forever, so something had to happen."

Monday afternoon the Dow briefly fell more than 10 percent from its high, but it recovered enough to finish down 4.6 percent.

Cuban expressed confidence in the market, saying that he is a long-term holder and that over the long haul, he thinks the market will be healthy.

The drop of 1,175 points is the largest single-day points drop in history, and the worst since 2008, when the Dow dropped more than 750 points on Sept. 29.