Billionaire Mark Cuban amassed his fortune in several ways: a savvy bet on the early internet, cryptocurrencies, and even owning a professional sports team.
While much of Cuban's wealth has come from being the owner of the Dallas Mavericks, Cuban is selling his majority stake in the NBA team to billionaire Miriam Adelson in a deal that values the team at $3.5 billion, according to several reports. Adelson is the majority shareholder in Las Vegas Sands, the largest casino company in the world. As part of the deal, Cuban will still retain full control of the team's basketball operations and some shares in the team. Cuban bought the Mavericks in 2000, for $280 million.
The billionaire also recently announced on a podcast that he would be leaving Shark Tank next year, after the show's 16th season. Cuban has been a judge on the ABC show for 15 seasons.
The entrepreneur, who has appeared in many films and television shows, often acting as himself, has an estimated net worth of $6.2 billion as of November 2023, according to Forbes. He accumulated his billions by investing in companies involved in industries ranging from healthcare and media to cryptocurrency. Read on to find out how he did it:
Key Takeaways
Mark Cuban is selling his majority stake in the Mavericks to billionaire Miriam Adelson in a deal that values the team at $3.5 billion.
Cuban has an estimated net worth of $6.2 billion as of November 2023, according to Forbes.
Cuban sold Broadcast.com to Yahoo for $5.6 billion before the dotcom bubble burst.
He also owns Mark Cuban Cost Plus Drug Company, which sells generic prescription drugs at wholesale prices.
Cuban became a multimillionaire at 32 when he sold MicroSolutions, a computer consulting service, to CompuServe for $6 million in 1990.
Five years later, Cuban and his friend Todd Wagner joined Broadcast.com, originally called Audionet and founded in 1992 by Chris Jaeb, and turned it into a way to stream audio from sports games online. Cuban sold it to Yahoo for $5.6 billion in 1999, before the collapse of the dotcom bubble.
Dallas Mavericks
Cuban bought the NBA’s Dallas Mavericks in 2000 for an estimated $280 million, and his majority stake in the basketball team is among the primary sources of his wealth. As of October 2023, the Mavericks were valued at about $4.5 billion, according to Forbes. The team ranked seventh on Forbes’ annual list of most valuable NBA franchises in 2023.
Cost Plus Drug Co.
Cuban launched Mark Cuban Cost Plus Drug Co. last year, aiming to make prescription drugs more affordable by offering wholesale prices on generic medications. The company had a customer base of 1.5 million within a year of its launch, and Forbes says it'son track to crack a profit in 2023.
Media & Startups
Cuban also has stakes in film and television companies Magnolia Pictures and AXS TV, and is invested in an array of startups, about 85 of them from being a judge on Shark Tank for 15 seasons. Cuban owns a 2% stake, worth $12 million, in Shark Tank alum Brightwheel, a preschool app, according to Forbes.
He's also invested in socially driven startups such as Luminaid, which provides solar lanterns and phone chargers to families in disaster areas; Paladin, which connects lawyers with people and nonprofits who need pro bono help; and Mahmee, a healthcare platform focused on supporting those who are pregnant.
Mark Cuban is selling his majority stake in the Mavericks to billionaire Miriam Adelson in a deal that values the team at $3.5 billion. Cuban has an estimated net worth of $6.2 billion as of November 2023, according to Forbes. Cuban sold Broadcast.com
Broadcast.com
Broadcast.com was an Internet radio company founded as AudioNet in September 1995 by Cameron Christopher Jaeb. Todd Wagner and Mark Cuban later led the company's daily operations which was eventually sold to Yahoo! on April 1, 1999, for $5.7 billion, making it the most expensive acquisition Yahoo! has made.
Cuban retains a 27% ownership in the team, oversees basketball operations, and serves as the Mavericks' alternate governor. Companies owned by Cuban still hold other properties near Downtown Dallas in the Deep Ellum and Cedars neighborhoods.
Cuban's launchpad story is reminiscent of other tech billionaires of his time. In the 1980s and '90s he started two businesses in the ever-growing tech industry. The first netted him a cool $6 million when he sold it in '90, and the second—video portal Broadcast.com—sold for $5.7 billion to Yahoo in '99.
Adelson and the Dumonts purchased the Mavericks at a valuation of more than $4 billion, ESPN reports. Forbes listed the value of the team at $4.5 billion in October 2023, making the Mavericks the seventh most valuable NBA franchise.
“It taught me a hell of a lesson: When you just chase dollars, it never works out well,” Cuban said. Last year, Cuban sold a majority stake in the Mavericks to the Adelson and Dumont families, who run Las Vegas Sands Corporation, in a deal reportedly valuing the franchise at roughly $3.5 billion.
Cuban has been vocal, if not totally convincing, about why he sold. He sees real estate expansion, potentially into casino operations, as the future of NBA franchises. He told reporters in December, of the Adelsons: “They're not basketball people.
The Adelson and Dumont families are thought to have paid around $3.5 billion for a controlling share of the Mavericks. Cuban retains a 27% stake in the team and remains in charge of the basketball operations.
In keeping with his theme of getting out at the top of the market, Cuban sold a majority of his stake in the Mavericks to a group led by the Adelson family. The deal closed for $3.5 billion, which is not bad for a club that originally cost him less than 10% of that.
The Mavs will take on the Boston Celtics in Game 1 of the NBA Finals on Thursday night, with the team's new owners, Miriam Adelson and her family, four victories away from capturing a title just months after purchasing the team.
One-time billionaire Allen Stanford, a Texas-born businessman known for his lavish lifestyle, lost his entire fortune amid a fraud scandal that ultimately sent him to jail. He was sentenced to 110 years in prison for a monumental Ponzi scheme totaling at least $8 billion.
The Memphis Grizzlies are the cheapest NBA team to support, costing fans $159.74 on average for a ticket, unisex jersey, beer, and hotdog at the FedExForum.
Minority owner/Head of Basketball Operations of the Dallas Mavericks Co-owner of 2929 Entertainment Co-owner of Brondell Owner of Mustang, Texas Investor on Shark Tank Founder of AXS TV & HDNet
According to this story on the Sony hack, Mark Cuban was offered $30 000 in Season 5, $31 200 in Season 6 and $32 484 in Season 7. Presuming that he didn't renegotiate the deal, he was offered a 4% raise with every season. This means that in Season 8 (current season) he could be earning $33 829 per episode.
At age 32, he sold his first startup — a software company called MicroSolutions — for $6 million. That same day, he took off his watch and threw it away, he said at a SXSW panel earlier this month. It was symbolic: After gaining that financial security, he didn't want to feel like anyone owned his time, he said.
While all the Sharks have their own successful pursuits, Mark Cuban is by far the richest Shark, with a net worth of $6.2 billion under his belt as of 2023. Cuban, who owns the Dallas Mavericks, has announced he plans to leave the show after season 16, presumably to focus on his newest venture, Cost Plus Drugs.
Mark Cuban made news in 2023 by announcing he was ending his tenure on "Shark Tank" and then closed out the year by selling a share of his Dallas Mavericks National Basketball Association (NBA) franchise for $3.5 billion.
He is the former principal owner and current minority owner of the Dallas Mavericks of the National Basketball Association (NBA), co-owner of 2929 Entertainment, and one of the main "sharks" on the ABC reality television series Shark Tank.
Mark Cuban (born July 31, 1958, Pittsburgh, Pennsylvania, U.S.) is an American entrepreneur, venture capitalist, businessman and television personality who cofounded (1995) Broadcast.com, an Internet audio and video streaming service, and who was active in numerous other companies.
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