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HomenewsinternationalMark Cuban: Billionaire's Business Empire, Selling The Mavericks And Net Worth

Mark Cuban: Billionaire’s Business Empire, Selling The Mavericks And Net Worth

Before leaving Shark Tank, Mark Cuban was its richest shark with an estimated net worth of more than $5 billion as of 2023. Born in a middle class family, Mark developed a knack for entrepreneurship at an early age.

He would sell newspapers and trash bags and realized that he loved making money. After graduating from university, he worked for Mellon bank before moving to Texas and working as a bartender and software salesman. 

Here is what he owns as compiled by WoK.

Mark Cuban Selling MicroSolutions

After losing his job at the software company, he founded MicroSolutions which he later sold in 1990 to CompuServe for $6 million. 

It was reported that by thirty, he was worth $3 million. After the sale of MicroSolutions and becoming a millionaire, friends asked what he intended to do with the money. Since he had worked so hard, he knew he wanted to have fun. 

“I told them I wanted a lifetime pass on [American Airlines] so I could go anywhere anytime,” he told CNBC Make It in a past interview. 

He bought it for a steep price and never regretted the decision. 

Mark Cuban Offloading Broadcast.com

Cuban then invested in Audionet which became Broadcast.com in 1998. They grew the business and by 1999, it had amassed more than $13 million in quarterly revenue and employed over 300 people.

Broadcast.com launched the first live stream Victoria secret fashion show. The same year, it was acquired by Yahoo for $5.7 billion and Mark hedged against a risk of a decline in Yahoo shares received from the deal. 

Shortly after this sale, there was a decline in the dot com bubble and the deal was considered the worst internet acquisition. He was very lucky to have sold the company before this decline as Yahoo’s broadcasting services were discontinued after a few years. 

2929 Entertainment

The billionaire also bought shares in 2929 Entertainment. This is a vertically integrated entertainment business and the parent company of Magnolia pictures. 

They purchase rights to existing media, produce films and television shows, and distribute home entertainment and theatrical release media.    

Mustang, Texas

In December 2021, it was announced that the Mavs owner had purchased the entire town of Mustang, Texas — a blip on the map off I-45, with a population of 21 people, according to the latest census data. He told the Dallas Morning news that he bought it since a buddy needed to sell it adding that: 

“I don’t know what if anything I will do with it.”

Cost Plus Drugs

In 2022, he partnered with radiologist Akexander Oshmyansky to form a drugs company called Cost Plus Drugs. The business’ vision is to produce generic drugs and sell them directly to  consumers in order to reduce costs. 

Jets

In a 2023 article by Simple flying, it was revealed that Cuban owns two jets , a 757 outfitted for a world-class sports team used to transport his players and a Gulfstream G550 business jet.

He bought the Gulfstream G550 online for $40 million  in 1999 after making billions from the sale of Broadcast.com. This purchase put him on the Guinness Book of World Records for the largest single e-commerce transaction, a record he holds to date.

Mark Cuban Selling Dallas Mavericks

In 2000, he bought a controlling stake in the NBA’s Dallas Mavericks for $285 million. Under his ownership, the team’s success has increased immensely.

Unlike most NBA team owners, he is known for taking a more public and outspoken role. By 2022, reports indicated that  the franchise value had grown to $3.3 billion. 

The Dallas Mavericks is changing hands with the Adelson family having entered into a binding purchase agreement to take control in the franchise. 

Dr. Miriam Adelson, her daughter and son-in-law, Sivan and Patrick Dumont, entered into the agreement and are now awaiting approval from the Nairobi Board of Governors. 

Miriam is the widow of Sheldon Adelson and a majority shareholder in Las Vegas Sands. Her fortune is estimated at $33 billion. 

Although the finer details of deal remain sketchy, reports indicate the transaction values the Mavericks in the range of $3.5 billion. 

Mark Cuban will maintain a stake in the NBA outfit. 

Mark Cuban Net Worth

His net worth as of 2023 is $6.2 billion.

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