TV personality and businessman Mark Cuban admitted that he couldn't become a billionaire again if he had to start over because it's essentially just "luck" and anyone who thinks they can is "lying."
The 65-year-old, who is estimated to be worth over $6.8 billion, spoke on Trevor Noah's podcast "What Now?" about why he sold his majority stake in NBA team the Dallas Mavericks, and his plans to leave the TV show "Shark Tank" after 15 seasons.
At one point Noah questioned him about how he became a billionaire to which Cuban responded frankly: "Anybody who's a billionaire who thinks they could just do it all over again is lying their ass off.
"If the internet stock market hadn't just taken off when we were starting AudioNet, you wouldn't even know who I was. That's just the way it works," he said referring to his streaming company that later became Broadcast.com.
Cuban admitted that he could probably be a millionaire multiple times over because he knows how to hustle and sell, but that he probably wouldn't be a billionaire.
"But the whole billionaire side of it, the hundreds of millions of dollars, that's just insane and that was luck," he said.
Cuban explained that there are only a few opportunities that can get you to that level of wealth — from starting a hedge fund and raising lots of money, to taking a company public or selling a private company.
"To be a billionaire there's gotta be something very leverageable, something that just explodes financially.
"But there's a whole lot of people who are really really smart, who do each of those things or one of them really well, and we don't know who they are," he added.
Cuban has amassed his wealth through a series of shrewd business deals and investments. He previously admitted to putting $1 billion into Amazon stocks alone, Business Insider reported.
Cuban started his own company MicroSolutions in 1982 and sold it eight years later for $6 million, and made $2 million from the deal.
But his biggest deal was when he sold his company Broadcast.com to Yahoo for $5.7 billion in stock in 1999.
Cuban bought the Dallas Mavericks team for $285 million in 2000 and sold it to the Adelson family in December. The purchase value is estimated at $3.5 billion.
FAQs
In the interview with Money, he said, “Saving money and putting some into a low-cost mutual fund — like an SPX fund — and living as inexpensively as you possibly can, will pay off dividends … If you can find a way to invest inexpensively in the market, you can start to build your net worth.”
What does Mark Cuban believe in? ›
His political views have leaned toward libertarianism. He held a position on the centrist Unity08 political organization's advisory council. Despite leaning towards libertarianism, Cuban posted an entry on his blog claiming paying more taxes to be the most patriotic thing someone can do.
How would Mark Cuban get rich if he had to start from scratch? ›
“You can start a hedge fund and hopefully do well, and then you raise a lot of money. You could take a company public, [or] you can start a private company and be bought out. Those really are the primary ways to get to that level of wealth.”
How old was Mark Cuban when he became a billionaire? ›
He was 32 years old. Cuban then helped co-found AudioNet, which became Broadcast.com and was acquired by Yahoo for $5.7 billion in 1999, making Cuban a billionaire at age 40.
Where does most of Mark Cuban's money come from? ›
Billionaire Mark Cuban amassed his fortune in several ways: a savvy bet on the early internet, cryptocurrencies, and even owning a professional sports team.
What is the smartest thing to do with your money? ›
Build an Emergency Fund Before You Build Wealth
The first half of Ramsey's top investing rule is to get out of debt. The second is to fully fund your emergency savings before you try to grow your money on the market.
Is Mark Cuban generous? ›
Mark Cuban is extremely generous with supporting entrepreneurs and does really well. How come others do not follow in his footsteps as often?
How much does Mark Cuban pay in taxes? ›
Billionaire entrepreneur, investor, and philanthropist Mark Cuban pays his fair share in taxes. According to a post on X, formerly Twitter, Cuban has to pay the IRS a total of $275,900,000, as reported by CBS News.
What is Mark Cuban's philosophy? ›
His success in the dot-com era, ownership of the Dallas Mavericks, and role on Shark Tank have solidified his reputation as a maverick investor. Cuban's investment philosophy emphasizes diversification, entrepreneurship, continuous learning, and fearlessness—all qualities contributing to his remarkable success.
What is Mark Cuban's phone number? ›
Cuban phoned in to Ryan Seacrest's radio show last week. Between discussing whether college athletes should get paid and mistakes new entrepreneurs make, he slipped in his phone number and invited anyone to text him at 214-612-6002.
Trusting his gut instinct about the market, avoiding being greedy and protecting his stock through a hedge made him over $2 billion. While it is important to note that Cuban is a sophisticated investor who has an in-depth understanding of the market, there are some lessons that can be learned from his approach.
What is it like working for Mark Cuban? ›
Almost every employee is overworked and underpaid. Generally speaking, you would be take a ~$30,000 pay cut to work for Cuban. Your workplace is filled with people who were hired almost exclusively due to nepotism and have no problems backstabbing you out if they see a way to get a leg up.
Does Mark Cuban wear an Apple Watch? ›
Today, Cuban wears an Apple Watch to track his health metrics, he said at SXSW — but it hasn't changed his stance on time. He spends most of it either with his family, helping run the NBA's Dallas Mavericks, appearing on ABC's “Shark Tank” or running his pharmaceutical company, Cost Plus Drugs.
What was Mark Cuban's advice? ›
Mark Cuban: All entrepreneurs get to the point where there is something they don't know. No matter what it is, you have to learn. Agility and loving to learn are great skills every entrepreneur needs. Because you're the final decision maker.
How did Lori Greiner get rich? ›
Lori Greiner built a fortune by solving her own simple need: an earring rack. Since then, she's helped hundreds of other entrepreneurs launch their own ideas.
What is Mark Cuban's philanthropy? ›
Mark Cuban Foundation is the private non-profit foundation of Dallas Mavericks proprietor Mark Cuban. The Foundation leads programs including the AI Bootcamps Initiative and The Fallen Patriot Fund.
What is Mark Cuban's financial worth? ›
What is Mark Cuban's management style? ›
Cuban is known for his accessibility and open communication with his team, often highlighting the importance of building trust and respecting his employees. This approach is reflected in his management of the Dallas Mavericks, where he revolutionized the culture by focusing on player welfare and support.
How did Mark Cuban make money in the stock market? ›
“I did a hedge,” Cuban told Stern. “I sold calls, bought puts, so I protected my stock … It went up in value some more, and went up to where my hedge was and cashed me out.” This trade is known as a “collar” in the investment industry.
