Forbes on Tuesday announced its annual list of billionaires. Can you guess what is Mark Cuban’s net worth?
Elon Musk is in the number one spot for the first time. With the success of Tesla, he contributed $68 billion to his approximately $219 billion worth during the last year. For the first time in the period of four years, Musk surpassed Jeff Bezos.
Bezos’s net worth was reduced by $6 billion as Amazon shares dropped and his charitable contributions expanded. Bezos has a net worth of $171 billion.
Another important mention is the Shark Tank judge Mark Cuban. Mark Cuban’s net worth is $4.7 billion. He stands at number 601 on the Forbes list.
Who Is Mark Cuban?
In 1995, Mark Cuban and another Indiana University alum Todd Wagner developed a video portal called Broadcast.com. They eventually sold to Yahoo for $5.7 billion in 1999. He currently holds the Dallas Mavericks of the NBA, including shares in Magnolia Pictures, AXS TV, and numerous other minor ventures.
As a boy, he sold stamps door-to-door. He gave disco lessons to help fund his studies at Indiana University. When he was dismissed from a software company for closing a $15,000 deal rather than clearing up the store.
Cuban was then motivated to start his own business. He backs purposeful enterprises like Luminaid, which supplies light to areas prone to disaster, and Mahmee, a maternal healthcare technology firm.
Cuban is a great philanthropist who donates significantly to a variety of charities, notably the Deceased Patriot Plan, which supports the families of fallen troops.
How Was The Early Life Of Mark Cuban?
He was born in Pittsburgh, Pennsylvania, on July 31, 1958. He was up in a Jewish working-class family in the Mount Lebanon slums. Brian and Jeff are his two brothers. Early on in his life, Cuban recognized his entrepreneurial side.
He sold rubbish bags when he was 12 to make enough money to purchase a pair of costly basketball sneakers. He earned money later by selling stamps and coins.
He made the best of a newspaper strike at the Pittsburgh Post-Gazette. He was just 16 and traveled to Cleveland and took newspapers back to Pittsburgh.
Cuban dropped out of high school to attend the University of Pittsburgh, where he was a part of the Pi Lambda Phi fraternity. He switched to Indiana University after one year at Pitt. In 1981, he earned a B.S. in Management from Indiana’s Kelley School of Business
Timeline Of Mark Cuban
Cuban relocated to Dallas, Texas, on July 7, 1982, where he worked as a bartender and a salesperson for Your Business Software, one of the city’s first PC software stores. When he met with a client to seek new business instead of opening the store, he was fired less than a year later.
MicroSolutions: MicroSolutions was formed by Cuban with the help of his prior customers at Your Business Software. Originally, MicroSolutions was a software reseller and system integrator. Perot Systems was one of Mark Cuban’s most important clients.
He led the company to a revenue of more than $30 million. MicroSolutions was sold to Compuserve for $6 million in 1990. After taxes, he made around $2 million on the deal.
American Airlines Unlimited Pass: Mark and his co-founders and friends celebrated the closing of the acquisition by dining at a restaurant. Somebody questioned Mark about what he planned to do with his newfound money over drinks.
There was a cellphone on the desk at the steakhouse. Mark took up the phone, contacted American Airlines, and paid $250,000 for an unrestricted lifetime pass. He later paid $150,000 for a companion pass.
By 1994, American Airlines had stopped issuing these passes, yet Mark could still fly anywhere in the globe for free without making a reservation at any time. After one owner flew over 40 million miles on his pass, American decided to discontinue the service.
The remaining 20-30 lifetime pass holders are allowed to gift their passes to someone else once. Mark eventually gave his pass to his father, who then gave it to a friend after his dad died.
Broadcast.com: Audionet was founded in 1995 by Cuban, Chris Jaeb, and Todd Wagner. The business united their shared interests in Indiana Hoosier basketball and webcasting as all three were alumni of Indiana University.
Broadcast.com was founded in 1998 with just one server and an ISDN line. By 1999, the company had 330 personnel and a turnover of $13.5 million. Broadcast.com streamed the first Victoria’s Secret Fashion Show live in 1999. In the same year, Yahoo! bought the company for $5.7 billion in Yahoo! stock.