Sports team owners rarely become celebrities. Mark Cuban became a TV and news presence by owning an NBA club.
Cuban was a billionaire before buying the Mavericks. Cuban’s life and career took many detours, culminating in the billionaire we know today – never content to focus on one thing and always on TV.
How much is Mark Cuban worth, how did he get rich, and what has he done with it?
Wealth of Mark Cuban
Forbes values the 60-year-old Cuban at $3.9 billion. He’s 190th on the latest Forbes 400 list. Not as much as Bill Gates or Warren Buffett, but still ludicrous for one individual.
Cuban grew his income by becoming a billionaire during the dot-com boom, then diversifying his interests and exploring new enterprises.
His Education
Cuban began his study at the University of Pittsburgh in his birthplace before going to Indiana University Bloomington. He graduated from IU’s Kelley School of Business in 1981 because it had the lowest tuition among the top 10 business schools.
Before graduating, Cuban started a business. While in college, he and pals bought Motley’s Pub.
Mark Cuban’s Earnings:
Cuban relocated to Dallas after graduating. Cuban created MicroSolutions after being fired as a software salesman. MicroSolutions was sold to CompuServe for $6 million in 1990. Cuban earned $2 million.
Cuban, a millionaire in his 30s, retired early. Several years later, he and fellow IU grad Todd Wagner wanted to stream Hoosiers basketball games online. Cuban and Wagner bought AudioNet in 1995. AudioNet became Broadcast.com in 1998.
Before the dot-com bubble burst, Broadcast.com was a dot-com success. Cuban and Wagner built the company to 300 employees and millions in revenue.
1999 brought Yahoo! Yahoo! bought Broadcast.com for $5.7 billion in equity. Cuban swiftly sold his investments, becoming a billionaire and avoiding the dot-com bubble bust.
Cuban, 40, was a billionaire. Cuban’s first large investment? Buy jet. Cuban’s $40 million Gulfstream V jet purchase is the largest internet transaction ever.
Cuban regrouped with Todd Wagner to start 2929 Entertainment, which invested in Landmark Theatres and AXS TV (a high-definition television programming network formerly known as HDNet).
Cuban’s post-Broadcast.com career is notable for the Dallas Mavericks and “Shark Tank.”
Cuban’s Mavericks
Cuban bought the Mavericks for $285 million in 2000.
When Cuban bought the Mavericks, they’d missed the playoffs 10 straight seasons. They went from 19 to 40 wins, but still missed the playoffs. They averaged under 24 wins a season, with a low of 11-71 in 1992-93. The Mavericks were league-worst.
Dallas went from 10 straight seasons without a playoff participation to 12 straight with Mark Cuban and Dirk Nowitzki. The Mavericks reached the NBA Finals in their sixth season. Miami Heat won in six games. The next year, they had 67 wins and Dirk Nowitzki as MVP, but were upset by the Warriors.
After that, the Mavericks made the playoffs but didn’t do much. In 2010-11, they returned to the NBA Finals to face LeBron James’ Heat. The Mavericks beat James’s Heat in six games despite being heavy favourites. Cuban helped turn the Mavericks into champions in 11 years.
The Mavericks made the playoffs four of the next five seasons, losing in the first round each time. They’ve missed the playoffs the last two seasons with pre-Cuban records.
Shark Tank’s Mark Cuban
After becoming a billionaire, Mark Cuban wanted to appear on TV. In 2004, Cuban launched “The Benefactor,” an ABC reality show where candidates competed to earn $1 million by displaying unconventional business talents. Poor ratings resulted to a one-season cancellation.
Mark Cuban joined “Shark Tank” season 2 as a panellist, where entrepreneurs pitch their business ideas to affluent investors. He was a full-time panellist by season 3. By season 6, “Shark Tank” averaged over 9 million viewers each episode, nearly doubling its first-season numbers.
Cuban’s broadcast has led to scores more investments. Ten Thirty One Productions, an entertainment firm, received $2 million. Twenty percent.
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Cuban has profited from some of his investments. Rugged Maniac, an obstacle course race, stood out. Cuban gave the organiser $1.75 million. After selling Broadcast.com, Cuban sold his part in New Media Investment Group, doubling the investment.
Mark Cuban’s Residence
Cuban moved to Dallas after college, became a businessman, then a billionaire, and bought the NBA franchise, which won its first title. Cuban’s move to the city isn’t surprising. He lives in Preston Hollow, an obscenely wealthy enclave. George W. Bush and Dirk Nowitzki live there. The 23,676-square-foot mansion is the 17th most expensive in Dallas, according to D Magazine.
It’s not his only home. Cuban bought a six-bedroom property in Laguna Beach, California, for $19 million. The 7,800-square-foot house lies on the grounds of The Montage, a five-star seaside resort.
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