Mark Cuban net worth: $4.1 billion
Mark Cuban is an American investor and business maven with a current net worth of $4.1 billion. He is most well known for his appearance on Shark Tank, as well as being the owner of The Dallas Mavericks.
Mark Cuban is a 61-year old American investor and businessman. He owns an NBA team – the Dallas Mavericks – and is co-owner of 2929 Entertainment. He is also the chairman of AXS TV. Cuban is one of the main investors on the hit ABC reality TV series Shark Tank. Cuban made the list of Forbes “World’s Richest People” in 2018. He ranked number 190 with a net worth of $3.9 billion. In 2020, his net worth is estimated to be $4.1 billion.
Mark Cuban was born in Pittsburgh, Pennsylvania. Norton Cuban, his father, was an automobile upholster. Mark Cuban has stated that his mother, Shirley had a different career goal or job “every week.” Cuban grew up in the Mount Lebanon suburb of Pittsburgh and was part of a working-class Jewish family. His grandfather on his father’s side changed his surname from Chabenisky to Cuban after his family emigrated through Ellis Island from Russia. His maternal grandparents were from Romania and were also Jewish.
Cuban’s first experience in business came at age 12. He sold garbage bags to earn money for expensive tennis shoes. Years later, Cuban earned money by selling coins and stamps. When he was 16, Cuban made the most of the Pittsburgh Post-Gazette strike by running newspapers from Cleveland to Pittsburgh.
Cuban enrolled full-time as a University of Pittsburgh student instead of attending his senior year of high school. He became a part of Pi Lambda Phi International fraternity. He is a famous fan of the Pittsburgh Steelers. After attending the University of Pittsburgh for one year, Cuban transferred to Indiana University in Bloomington, Indiana. He graduated in 1981 from the Kelley School of Business. He’d never visited the campus before attending, but states that he chose the school because the tuition was the cheapest of all the top 10 business schools. Cuban experimented with several business ventures in college, including disco lessons, a chain letter and a bar. He held several jobs while attending Indiana University, including a party promoter, bartender and disco dance instructor.
Mark Cuban has two brothers, Brian and Jeff Cuban.
Cuban recently had health issues and announced in April 2019 the he’d had a procedure to treat atrial fibrillation after missing a taping of The View. He’d initially revealed his diagnosis on Twitter in 2017.
Cuban is also known for his philanthropy. He founded the Fallen Patriot Fund in 2003 to assist families of U.S. military service members who were injured or killed during the Iraq War.
Cuban made a $5 million donation in June 2015 to Indiana University at Bloomington for the Mark Cuban Center for Sports Media and Technology. The center will be built inside the school’s basketball arena, Assembly Hall.
Cuban married Tiffany Stewart in 2002 in a private Barbados ceremony.
The couple has two daughters, born in 2003 and 2006 and a son born in 2010. The Cubans live in a 24,000 square foot mansion in Preston Hollow, a prestigious area of Dallas, Texas. Due to his extensive experience in business and sports, Mark Cuban wrote an e-book in 2011 called How to Win at the Sport of Business.
Mark Cuban moved to Dallas, Texas in July of 1982. He worked as a bartender for Elan, a bar in Greenville Avenue. Cuban then worked as a salesperson for Your Business Software, one of the first PC software retailers in the city. Less than a year later, he was fired after meeting with a client to acquire a new business instead of opening the store.
Mark’s First Business – MicroSolutions
He soon started MicroSolutions with support from customers from Your Business Software. Initially, MicroSolutions was a software reseller and system integration company. That business was the precursor to notable technologies like CompuServe, Lotus Notes and Carbon Copy. One of MicroSolutions’ biggest clients was Perot Systems.
MicroSolutions grew to over $30 million in revenue. In 1990, Mark Cuban sold MicroSolutions to CompuServe, which was previously a subsidiary of H&R Block, for $6 million. Cuban made about $2 million on the deal after taxes.
Cuban is known for despising meetings and believes that they’re a waste or money and time. He has stated, “the only way you’re going to get me for a meeting is if you’re writing me a check.”
Mark’s Second Business – Audionet
In 1995, Cuban started his next company, Audionet, with his former college classmates, Todd Wagner and Chris Jaeb. The three combined their interest in Indiana Hoosier college basketball and webcasting.
With an ISDN line as a single server, Audionet turned into Broadcast in 1998. The following year, Broadcast grew to 330 employees and made $13.5 million in revenue during the second quarter. In 1999, Broadcast had a hand in development for the first live-streamed fashion show for Victoria’s Secret. This was also the year of the dot com boom and due to Broadcast’s success, the company was acquired by Yahoo For $5.7 billion in Yahoo! Stock.
After Broadcast was sold, Cuban diversified his wealth to avoid being affected by the market crash. Mark Cuban is credited in the Guinness Book of Records with the “largest single e-commerce transaction” after he paid $40 million for a Gulfstream V jet in October of 1999.
Cuban still works with Wagner up to today in another business venture, 2929 Entertainment. This company offers vertically integrated production and film and video distribution.
In 2003, 2929 Entertainment purchased Landmark Theatres, an arthouse movie theater chain with 58 locations. 2929 Entertainment also produced the reboot of the talent TV show Star Search, which aired on CBS. In 2006, the company released Bubble, a movie directed by Steven Soderbergh.
Cuban was on the cover of the premier November 2003 issue of Best magazine to announce the debut of High Definition TV. Cuban was also the cofounder of HDNet, which is now known as AXS TV. Cuban worked with Philip Garvin for this venture. AXS TV was the first HD satellite television network.
Cuban announced in 2004 that he would start working with ABC television to produce The Benefactor, a reality television series.
The series would last for six-episodes and involved 16 contestants competing to win $1 million by participating in several contests. Cuban would judge the contestant’s performances. Before the full season of The Benefactor aired, the series was cancelled. However, the series continued for more seasons and more than 9 million viewers tuned in per episode in season 6, which was almost double the number of viewers during the first season.
Startup Business Investments
Cuban has participated in ventures in the distributed networking and social software industries. He’s an owner in IceRocket, a search engine that looks through the blogosphere for content. Cuban was also a RedSwoosh partner, a company that uses peer-to-peer technology to provide quality media, including software and video, to a user’s personal company. RedSwoosh was later acquired by Akamai. Cuban was also an investor in Weblogs, Inc., which was later acquired by AOL.
Cuban invested in Brondell Inc. in 2015, a startup in San Francisco that made a high-tech toilet seat called a Swash. The Swash was designed to work like a bidet but can be mounted to a standard toilet.
Cuba supported his investment in Brondell Inc. by saying that people tend to “approach technology the same way, whether it’s in front of them, or behind them.” The business mogul invested in Goowy Media Inc. as well, which was an internet software startup in San Diego. In 2006, Sirius Satellite Radio announced that Mark Cuban would be the host of his own weekly radio talk show, Mark Cuban’s Radio Maverick. To date, the show has yet to air on Sirius Radio.
In July 2006, Mark Cuban financed Sharesleuth.com, a website created by Christopher Carey, former St. Louis Post-Dispatch Investigative reporter. The website was designed to uncover misinformation and fraud in publicly traded organizations. Cuban started experimenting with an innovative business model to make online journalism profitable and announced that he would be involved in the shares of companies included in Sharesleuth.com before publication. Legal and business analysts were skeptical about this approach and weren’t sure whether it was appropriate to short a stock before making public announcements that could result in the lowering of stock value. However, Cuban maintained that the practice was legal since he’d fully disclosed his intentions.
In April 2007, Cuban collaborated with Mascot Books and published his first children’s book, Let’s Go Mavs!
He wrote a 30,000-word ebook titled How to Win at the Sport of Business: If I Can Do It, You Can Do It. Cuban states that he wrote the book to motivate other potential investors and business owners.
In October 2008, Mark Cuban started Bailoutsleuth.com. This was a grassroots, online portal to monitor the oversight pertaining to the U.S. government’s $700 billion “bailout” for many of the nation’s banks.
In 2010, Cuban provided an undisclosed amount of venture capital Motionloft, a store-front analytics company. According to Jon mills, the CEO of Motionloft, he emailed Cuban out of nowhere and Cuban promptly responded, stating that he’d like to hear more about the business. Mills stated that Cuban’s statement is what launched his company. In 2013, several investors questioned Cuban about Mill’s account of the possible acquisition of Motionloft. However, Cuban denied that there was a pending acquisition. In December 2013, Mills was terminated as CEO of Motionloft. The following year, the FBI arrested Mills and he was charged with wire fraud. Allegedly, Mills wasn’t completely honest about whether Motionloft would be acquired by Cisco. Cuban has stated that technology, which is partially intended to serve the commercial real estate industry, could be a “game changer” for tenants.
In 2019, Mark Cuban, along with Ashton Kutcher, Steve Watts and his wife Angela Watts invested a 50% stake in Veldskoen, a U.S. shoe business that was struggling to stay afloat.
Needless to say, Mark Cuban is very experienced in investing in companies.
Sports Business Success
Cuban is just as well-known for his sports business ventures as he is for his role on Shark Tank. In January 2000, Cuban purchased a majority stake in the Dallas Mavericks for $285 million. He purchased the stake from H. Ross Perot, Jr.
In the two decades before Cuban purchased the team, the Mavericks only won 40% of their games and had a playoff record of 21-32. In the decade following the Dallas Mavericks won 69% of their regular season games. The team made it to the playoffs in all of those seasons except one. With Cuban as the owner, the Maverick’s record is 49 wins and 57 losses, including their first trip to the 2006 NBA Finals, where they lost to the Miami Heat.
June 12, 2011 was the date the Dallas Mavericks beat the Miami Heat and won the NBA Finals. Usually, NBA team owners are more passive and tend to watch the games from skyboxes. Cuban, however, sits next to fans while wearing Dallas Mavericks jerseys. He travels in his private Gulfstream V airplane to participate in away games.
H. Ross Perot Jr, who still had 5% ownership of the Dallas Mavericks, filed a lawsuit against Mark Cuban in May 2010, alleging the Mavericks franchise was bankrupt or in danger of being bankrupt. Cuban responded in a court filing in June 2010, stating that Perot was illegally seeking money to offset $100 million in losses on his Victory Park real estate development. In 2011, the lawsuit was dismissed, partially because Cuban asserted proper management of the Mavericks, since the team won the 2011 NBA Finals. In 2014, the 5th Circuit Court affirmed the decision on appeal. After his defeat, Perot then attempted to keep Mavericks fans from utilizing the parking lots he owned near the American Airlines Center.
Cuban announced that the Mavericks would be accepting Bitcoin as a form of payment for tickets for the upcoming season in 2018.
Success With Shark Tank
Mark Cuban has been an investor on Shark Tank since 2011. He joined the show in its second season. By May 2015, Cuban had invested in 85 deals spanning 111 episodes of Shark Tank, totaling $19.9 million in investment funds. The numbers vary due to the due diligence after the deal is made on television. For instance, Hy-Conn, a manufacturer for removable fire hoses, didn’t go through with the deal with Cuban after agreeing to a $1.25 million investment for 100% of the company.
Some of Cuban’s top deals in which he invested $1 million include Rugged Maniac Obstacle Race, Ten Thirty One and BeatBox Beverages. Since Cuban became part of the show, Shark Tank’s ratings have increased. During Cuban’s time on Shark Tank, the show has won three Primetime Emmy Awards for Outstanding Structured Reality Program from 2014 to 2016. As of 2018, Mark Cuban was the second richest of all the Shark Tank investors who appeared on the show with a net worth of $4.1 billion. Richard Branson is the richest Shark Tank investor at a net worth of $5.1 billion.
Mark Cuban’s Net Worth
In 2020, his net worth is estimated to be $4.1 billion. This takes into consideration all of his current investments, including those made on Shark Tank.