economie

Mark Cuban is worth $5.7 billion. Here’s how the ‘Shark Tank’ investor makes and spends his fortune.

Mark Cuban.

  • Mark Cuban is among the richest people in the US, with an estimated net worth of $5.7 billion.
  • He’s earned his fortune through business deals including the $5.7 billion sale of Broadcast.com.
  • The “Shark Tank” investor has spent millions on private planes, a yacht, and a lavish Dallas home.

Mark Cuban, 66, is one of the wealthiest people in America, with an estimated net worth of $5.7 billion, according to Forbes.

Getting there wasn’t easy. Cuban’s journey to becoming a billionaire included living in a “dumpy” apartment, where he stayed up late eating chicken wings and teaching himself to code. His unglamorous life as an aspiring entrepreneur included taking no vacation time for seven years and stealing towels from the Holiday Inn.

The late nights ended up paying off: The businessman and investor earned his fortune with a series of shrewd business deals starting in the 1990s, most notably the sale of his streaming site Broadcast.com for $5.7 billion in stocks. He continues to make major moves in the industry, such as selling a majority stake in his two cable networks, AXS TV and HDNet Movies, and owning nearly $1 billion in Amazon stock.

Read on to see how Cuban earns — and spends — his fortune.

Mark Cuban is worth an estimated $5.7 billion, earning his fortune over a lifetime of shrewd business deals.
A young Mark Cuban.

In 1982, he started his own company, MicroSolutions, which he sold eight years later for $6 million. Cuban made $2 million off the deal, The Dallas Morning News reported.

Cuban rose to fame with an internet radio company called Broadcast.com that Yahoo acquired in 1999 for $5.7 billion.
A Gulfstream V aircraft.

To this day, it holds the Guinness World Record for the biggest purchase ever conducted over the internet.

Cuban called the plane one of the smartest purchases he’s ever made. “It’s obviously brutally expensive, but time is the one asset we simply don’t own,” he wrote for Men’s Journal in 2018. “It saves me hours and hours.”

He went on to add another private jet and a 288-foot yacht named “Fountainhead” to his portfolio in later years.

He bought the Dallas Mavericks for $285 million in 2000.
Mark Cuban with the Dallas Mavericks after winning the NBA Championship.

The tab included a $90,000 bottle of Armand de Brignac Champagne. Cuban also left a $20,000 tip.

“Worth every penny,” he told Page Six.

Cuban sold his majority stake in the Mavericks for around $3.5 billion in 2023.
Mark Cuban at a charity event.

Cuban has supported charitable organizations such as Autism Speaks, Cedars-Sinai Medical Center, the Christopher & Dana Reeve Foundation, and the Elton John AIDS Foundation.

In 2012, he donated $40,000 to save the local Greenville Avenue St. Patrick’s Day Parade when the group organizing the annual event ran out of funding.

“You just can’t let a Dallas tradition like that die,” Cuban told local NBC News affiliate KXAS.

After Hurricane Maria devastated Puerto Rico in 2017, Cuban lent the Mavericks team plane to point guard and Puerto Rico native JJ Barea to fly food, water, and supplies to the island.
Mark Cuban at a Mavericks game.

A 2018 Sports Illustrated report documented allegations of rampant misogyny and sexual harassment within the Mavericks organization, leading to an official NBA investigation, which uncovered “improper workplace conduct” by the team’s former president and CEO, among other findings.

Cuban told Sports Illustrated that he had no knowledge of the reported toxic workplace culture since he was “not involved in the day-to-day” of the organization.

“I’m embarrassed, to be honest with you, that it happened under my ownership, and it needs to be fixed,” he said.

As part of the NBA’s investigation into the Mavericks workplace culture, Cuban donated $10 million to women’s causes and domestic violence awareness.

He’s the cofounder of a media company, 2929 Entertainment.
Mark Cuban on “The Benefactor.”

The show, in which contestants competed to win $1 million of Cuban’s money, was panned as a ripoff of “The Apprentice” and canceled after six episodes.

ABC’s “Shark Tank,” in which hopeful entrepreneurs pitch their businesses to a panel of celebrity investors, proved much more successful.
Mark Cuban and Steve Harvey on “Celebrity Family Feud.”

Steve Harvey joined Anthem Sports & Entertainment to take over the two networks from Cuban. ASX TV’s programming includes wrestling and MMA fighting, and HDNet Movies shows a variety of films, Deadline reported.

Cuban continued on with the two companies as an equity partner, while Anthem took over operational control.

Cuban owns homes in Dallas and Laguna Beach, California.
Mark Cuban.

Cuban told Fox Business News that he has “close to a billion dollars” in Amazon stock alone.

Cuban said one of the best purchases he ever made was an unlimited first-class American Airlines ticket for $250,000, a promotion that the airline offered from 1981 to 1994.
Costco.

For example, he insists on buying items in bulk, especially items he knows he’ll need such as razors and toothpaste.

“The money you save by investing in bulk will provide a better return on investment than any investment vehicle on the planet,” he told NPR in 2013.

He also told Vanity Fair in 2017: “You’re better off buying two years worth of toothpaste when it’s on 50% discount. That’s an immediate return on your money.”

Additionally, he advocates for people to achieve financial independence by paying off debt and stashing six months’ worth of income in the bank.

In 2022, Cuban cofounded Cost Plus Drugs, a pharmacy company that bypasses wholesalers and middlemen to sell medications at lower prices.
Mark Cuban.

As he once said, “Work like there is someone working 24 hours a day to take it all away from you.”

Read the original article on Business Insider

https://www.businessinsider.com/mark-cuban-net-worth-2018-9