|Birth Date||July 31, 1958|
|Known For||Dallas Mavericks owner & entrepreneur|
|Highest Score||22 (Viennese Waltz)|
|Lowest Score||18 (Mambo)|
Mark Cuban was born in Pittsburgh, Pennsylvania. His father, Norton Cuban, was an automobile upholsterer, while Cuban has described his mother, Shirley, as someone with "a different job or different career goal every other week." He grew up in the suburb of Mount Lebanon, in a Jewish working-class family. His paternal grandfather changed the family name from "Chabenisky" to "Cuban" after his family emigrated from Russia through Ellis Island. His maternal grandparents, who were also Jewish, came from Romania. Cuban's first step into the business world occurred at age 12, when he sold garbage bags to pay for a pair of expensive basketball shoes. At age 16, Cuban took advantage of a Pittsburgh Post-Gazette strike by running newspapers from Cleveland to Pittsburgh.
Instead of attending high school for his senior year, he enrolled as a full-time student at the University of Pittsburgh where he joined the Pi Lambda Phi International fraternity. While attending the University of Pittsburgh, he held a variety of jobs including a bartender, disco dancing instructor, and a party promoter. After one year at the University of Pittsburgh, he transferred to Indiana University in Bloomington, Indiana, and graduated from the Kelley School of Business in 1981 with a B.Sc. in Business Administration. He chose Indiana's Kelley School of Business without even visiting the campus because "it had the least expensive tuition of all the business schools on the top 10 list". During college he had various business ventures, including a bar, disco lessons, and a chain letter.
In 1982, Cuban moved to Dallas, Texas, where he first found work as a bartender, and then as a salesperson for Your Business Software, one of the earliest PC software retailers in Dallas. He was fired less than a year later, after meeting with a client to procure new business instead of opening the store.
Cuban started his own company, MicroSolutions, with support from his previous customers from Your Business Software. MicroSolutions was initially a system integrator and software reseller. The company was an early proponent of technologies such as Carbon Copy, Lotus Notes, and CompuServe. One of the company's largest clients was Perot Systems.
In 1990, Cuban sold MicroSolutions to CompuServe—then a subsidiary of H&R Block—for $6 million. He made approximately $2 million after taxes on the deal.
Audionet and Broadcast.comEdit
In 1995, Chris Jaeb and fellow Indiana University alumnus Todd Wagner started Audionet (which Cuban started to fund in 1998), combining their mutual interest in Indiana Hoosier college basketball and webcasting. With a single server and an ISDN line, Audionet became Broadcast.com in 1998. By 1999, Broadcast.com had grown to 330 employees and $13.5 million in revenue for the second quarter. In 1999, Broadcast.com helped launch the first live-streamed Victoria's Secret Fashion Show. That year, during the dot com boom, Broadcast.com was acquired by Yahoo! for $5.7 billion in Yahoo! stock.
After the sale of Broadcast.com, Cuban diversified his wealth to avoid exposure to a market crash. In 2011, Cuban was No. 211 on Forbes' list of "World's Richest People", with a net worth of $2.6 billion. The Guinness Book of Records credits Cuban with the "largest single e-commerce transaction", after he paid $40 million for his Gulfstream V jet in October 1999.
Cuban continues to work with Wagner in another venture, 2929 Entertainment, which provides vertically integrated production and distribution of films and video.
On September 24, 2003, the firm purchased Landmark Theatres, a chain of 58 arthouse movie theaters. The company is also responsible for the updated version of the TV show Star Search, which was broadcast on CBS. 2929 Entertainment released Bubble, a movie directed by Steven Soderbergh, in theaters and on DVD on the same day in January 2006 as a simultaneous release.
Cuban was featured on the cover of the November 2003 premiere issue of Best magazine announcing the arrival of High Definition Television. Cuban also was co-founder (with Philip Garvin) of AXS TV (formerly HDNet), the first high-definition satellite television network.
In February 2004, Cuban announced that he would be working with ABC television to produce a reality television series, The Benefactor. The premise of the six-episode series involved 16 contestants trying to win $1 million by participating in various contests, with their performances being judged by Cuban. It premiered on September 13, 2004, but due to poor ratings, the series was canceled before the full season aired.
Cuban financially supported Grokster in the Supreme Court case, MGM v. Grokster. He is also a partner in Synergy Sports Technology, a web based basketball scouting and video delivery tool, used by many NBA teams.
Investments in startupsEdit
Cuban has also assisted ventures in the social software and Distributed Networking industries. He is an owner of IceRocket, a search engine that scours the blogosphere for content. Cuban was also a partner in RedSwoosh—a company which uses peer-to-peer technology to deliver rich media, including video and software, to a user's PC—later acquired by Akamai. He was also an investor in Weblogs, Inc. which was acquired by AOL.
In 2005, Cuban invested in Brondell Inc., a San Francisco startup making a high-tech toilet seat called a Swash that works like a bidet but mounts on a standard toilet. "People tend to approach technology the same way, whether it's in front of them, or behind them," Cuban joked. He also invested in Goowy Media Inc., a San Diego internet software startup. In April 2006, Sirius Satellite Radio announced that Cuban would host his own weekly radio talk show, Mark Cuban's Radio Maverick. However, the show has not materialized.
In July 2006, Cuban financed Sharesleuth.com, a website created by former St. Louis Post-Dispatch investigative reporter Christopher Carey to uncover fraud and misinformation in publicly traded companies. Experimenting with a new business model for making online journalism financially viable, Cuban disclosed that he would take positions in the shares of companies mentioned in Sharesleuth.com in advance of publication. Business and legal analysts questioned the appropriateness of shorting a stock prior to making public pronouncements which are likely to result in losses in that stock's value. Cuban insisted that the practice is legal in view of full disclosure.
In April 2007, Cuban partnered with Mascot Books to publish his first children's book, Let's Go, Mavs!. In November 2011, he wrote a 30,000-word e-book, How to Win at the Sport of Business: If I Can Do It, You Can Do It, which he described as "a way to get motivated".
In October 2008, Cuban started Bailoutsleuth.com as a grassroots, online portal for oversight over the U.S. government's $700 billion "bailout" of financial institutions.
In September 2010, Cuban provided an undisclosed amount of venture capital to store-front analytics company Motionloft. According to the company's CEO Jon Mills, he cold-emailed Cuban on a whim with the business proposition and claimed Cuban quickly responded that he would like to hear more. Mills credited that sentence for launching the company. In November 2013, several investors questioned Cuban about Mills' representation of a pending acquisition of Motionloft. Cuban denied an acquisition was in place. Mills was terminated as CEO of Motionloft by stockholders on December 1, 2013, and in February 2014 was arrested by the FBI and charged with wire fraud, it being alleged that Mr. Mills misrepresented to investors that Motionloft was going to be acquired by Cisco. Cuban has gone on record to state that the technology, that at least in part is meant to serve the commercial real estate industry, is "game changing" for tenants.
Cuban has been a "shark" investor on the ABC reality program Shark Tank since season three in 2012.
As of January 2016, he has invested in 82 deals across 109 Shark Tank episodes, for a total of $19.4 million invested. The actual numbers vary because the investment happens after the handshake deal on live television, after the due diligence is performed to ensure the accuracy of the information presented in the pitch room. For instance, Hy-Conn, a manufacturer of easily removable fire hoses, after agreeing to a deal of $1.25 million for 100% of the company with Cuban, did not go through with the deal.
Cuban's top three deals, all with at least $1 million invested, are Ten Thirty One Productions, Rugged Maniac Obstacle Race, and BeatBox Beverages.
Since Cuban joined the show in 2012, the ratings for Shark Tank have increased, and also during his tenure, the show has won three Primetime Emmy Awards for Outstanding Structured Reality Program (from 2014 - 2016).
Cuban owns film distributor Magnolia Pictures. Through Magnolia, he financed Redacted, a fictional dramatization written and directed by Brian De Palma. In September 2007, Cuban, in his capacity as owner of Magnolia Pictures, "redacted" disturbing photographs from the concluding moments of the film, citing copyrights/permissions issues.
Also in 2007, Cuban was reportedly interested in distributing through Magnolia an edition of the film Loose Change, which posits a 9/11 conspiracy theory, with Charlie Sheen narrating. Cuban told the New York Post, "We are having discussions about distributing the existing video with Charlie's involvement as a narrator, not in making a new feature. We are also looking for productions with an opposing viewpoint. We like controversial subjects, but we are agnostic to which side the controversy comes from."
In April 2011, Cuban put Magnolia Pictures and Landmark Theatres up for sale, but said, "If we don't get the price and premium we want, we are happy to continue to make money from the properties."
SEC insider trading allegationEdit
On November 17, 2008, it was reported that the U.S. Securities and Exchange Commission (SEC) filed a civil suit against Mark Cuban relating to alleged insider trading in the shares of Mamma.com, now known as Copernic. A stock dilution occurred shortly after a trade in June 2004, giving hints of inside knowledge at the time of the trade, and Cuban allegedly was saved from a loss of $750,000. The SEC claimed that Cuban ordered the sale of his holdings in Mamma.com after he had been confidentially approached by the company to participate in a transaction likely to dilute shares of current shareholders. Cuban disputed the charges, saying he had not agreed to keep the information secret. On his blog, Cuban contended the facts were false and that the investigation was "a product of gross abuse of prosecutorial discretion". DealBook, a section of The New York Times, reported through an anonymous source that Cuban believed the investigation was motivated by an SEC employee having taken offense to his interest in possibly distributing the film Loose Change.
In July 2009, the U.S. District Court dismissed the charges against Cuban, and the SEC appealed. In September 2010, an appeals court said that the district court had erred and that further proceedings would be necessary to address the merits of the suit.
A federal jury in Texas found in favor of Cuban on October 16, 2013. The nine-member jury issued the verdict after deliberating 3 hours and 35 minutes.
In March 2014, Cuban was on air at CNBC criticizing high-frequency trading (HFT). Those against HFT, such as Cuban, believe the technology is equivalent to automated insider trading.
On January 4, 2000, Cuban purchased a majority stake in the NBA's Dallas Mavericks for $285 million from H. Ross Perot, Jr.
In the 20 years before Cuban bought the team, the Mavericks won only 40% of their games, and a playoff record of 21–32. In the 10 years following, the team won 69 percent of their regular season games and reached the playoffs in each of those seasons except for one. The Mavericks' playoff record with Cuban is 49 wins and 57 losses, including their first trip to the NBA Finals in 2006, where they lost to the Miami Heat.
On June 12, 2011, the Mavericks defeated the Heat to win the NBA Finals. Historically, NBA team owners publicly play more passive roles and watch basketball games from skyboxes; Cuban sits alongside fans while donning team jerseys. Cuban travels in his private airplane—a Gulfstream V—to attend road games.
In May 2010, H. Ross Perot, Jr., who retained 5% ownership, filed a lawsuit against Cuban, alleging the franchise was insolvent or in imminent danger of insolvency. In June 2010, Cuban responded in a court filing maintaining Perot is wrongly seeking money to offset some $100 million in losses on the Victory Park real estate development. The lawsuit was dismissed in 2011, due in part to Cuban asserting proper management of the team due to its recent victory in the 2011 NBA Finals. In 2014, the 5th Circuit Court affirmed that decision on appeal. Following his initial defeat, Perot attempted to shut out Mavericks fans from use of the parking lots he controlled near the American Airlines Center.
Other sports businessesEdit
In 2005, Cuban expressed interest in buying the NHL's Pittsburgh Penguins. In 2006, Cuban joined an investment group along with Dan Marino, Kevin Millevoi, Andy Murstein, and Walnut Capital principals Gregg Perelman and Todd Reidbord to attempt to acquire the Penguins. The franchise ultimately rejected the group's bid.
At WWE's Survivor Series in 2003, Cuban was involved in a staged altercation with Raw General Manager Eric Bischoff and Raw wrestler Randy Orton. On December 7, 2009, Cuban acted as the guest host of Raw, getting revenge on Orton when he was the guest referee in Orton's match against Kofi Kingston, giving Kingston a fast count victory. He then announced that Orton would face Kingston at TLC: Tables, Ladders & Chairs. At the end of the show, Cuban was slammed through a table by the number one contender for the WWE Championship, Sheamus.
On September 12, 2007, Cuban said that he was in talks with WWE Chairman Vince McMahon to create a mixed martial arts company that would compete with UFC. He is now a bondholder of Zuffa, UFC's parent company.
Cuban followed up his intentions by organizing "HDNet Fights", a mixed martial arts promotion which airs exclusively on HDNet and premiered on October 13, 2007 with a card headlined by a fight between Erik Paulson and Jeff Ford as well as fights featuring veterans Drew Fickett and Justin Eilers.
Since 2009, Cuban has been a panelist at the annual MIT Sloan Sports Analytics Conference.
In April 2010, Cuban loaned the newly formed United Football League (UFL) $5 million. He did not own a franchise and he was not involved in day-to-day operations of the league nor of any of its teams. In January 2011, he filed a federal lawsuit against the UFL for their failure to repay the loan by the October 6, 2010 deadline.
In February 2016, Cuban purchased a principal ownership stake in the Professional Futsal League.
Major League BaseballEdit
Cuban has repeatedly expressed interest in owning a Major League Baseball franchise, and has unsuccessfully attempted to purchase three franchises. In 2008, he submitted an initial bid of $1.3 billion to buy the Chicago Cubs and was invited to participate in a second round of bidding along with several other potential ownership groups. Cuban was not selected to participate in the final bidding process in January 2009. In August 2010, Cuban actively bid to buy the Texas Rangers with Jeffrey L. Beck. Cuban stopped bids after 1 a.m., having placed bids totaling almost $600 million. He had outbid a competing ownership group led by ex-pitcher and Rangers executive Nolan Ryan, but lost the deal before the Rangers played the San Francisco Giants in the 2010 World Series.
In January 2012, Cuban placed an initial bid for the Los Angeles Dodgers, but was eliminated before the second round of bidding. Cuban felt that the value of the Dodgers' TV rights deal drove the price of the franchise too high. He had previously said that he would not be interested in buying the franchise at $1 billion, telling the Los Angeles Times in November 2011 "I don’t think the Dodgers franchise is worth twice what the Rangers are worth." However, as the bidding process drew near many speculated that the sale would surpass $1.5 billion, with Jon Heyman of CBS Sports reporting via Twitter that at least one bid in the $1–1.5 billion range was placed in the initial round of the bidding process. Ultimately, the Dodgers sold for $2.15 billion to Guggenheim Baseball Management.
Cuban also previously expressed interest in becoming a minority owner of the New York Mets after owner Fred Wilpon announced in 2011 that he was planning to sell up to a 25% stake in the team.
In September 2002, Cuban married Tiffany Stewart in a private ceremony in Barbados. They have three children: daughters Alexis Sofia (born 2003) and Alyssa (born 2006) and son Jake (born 2010). They live in a 24,000-square-foot (2,200 m2) mansion in the Preston Hollow area of Dallas, Texas.
Cuban was part of the Stop Trump movement.
Dancing with the Stars 5Edit
|Week #||Dance/Song||Judges' score||Result|
|1||Foxtrot/ "King of the Road"||7||7||7||Bottom 2|
|2||Mambo/ "Ride wit Me"||6||6||6||Safe|
|3||Jive/ "New Shoes"||6||7||7||Safe|
|4||Viennese Waltz/ "Mr. Bojangles"||7||8||7||Safe|
|5||Samba/ "I Dream of Jeannie"||7||7||7||Eliminated|
- His co-star from Shark Tank, Robert Herjavec, appeared on season 20 and also partnered with Johnson, making it to the quarterfinals and finishing in sixth place.