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Tag Archives: Mark Cuban

Mark Cuban is an American investor and business, best known for being the owner of the Dallas Mavericks, Magnolia Pictures, and Landmark Theatres. Born in Pittsburgh, Pennsylvania, he grew up in Mount Lebanon to a Jewish family, the son of Norton and Shirley Cuban. His first venture as a businessman? Selling garbage bags when he was 12 so he can pay for a pair of basketball shoes. In high school, Cuban also took various jobs, nurturing his entrepreneurial streak. He later on attended the University of Pittsburgh, Indiana University, and the Kelley School of Business.

When Cuban moved to Dallas in 1982, he started working as a bartender before becoming a salesperson for Your Business Software. He was fired from Your Business Software but it was with help from customers from the company that Cuban was able to start a company called MicroSolutions, an early proponent for technologies like Lotus Notes and Carbon Copy. In 1990, he sold MicroSolutions to CompuServe, making about $2 million from the deal after taxes. In 1995, he started a new venture called Audionet with a fellow alumnus from Indiana University, Todd Wagner, which became Broadcast.com in 1998. In 1999, Yahoo! acquired Broadcast.com for $5.7 billion in company stocks. After selling Broadcast.com, Cuban wisely diversified his wealth, allowing him to weather through the market crash in relative ease. In 2011, he was estimated to be worth $2.3 billion, making him the 459th richest person in the world according to Forbes.

To give back to the community, Cuban created the Fallen Patriot Fund and The Mark Cuban Stimulus Plan. The former was for helping the families of US military personnel that have been injured or killed during the war in Iraq, while the latter was for aiding in economic stimulation by funding ideas from individuals that meet certain criteria set.

Mark Cuban owns the franchise of the 2010-2011 NBA Champions Dallas Mavericks. He is a billionaire internet entrepreneur and chairs the board of the high-def TV station HDNet.

Cuban was born in Pittsburgh, Pennsylvania on July 31, 1958. His entrepreneurial skills were visible at a young age, an influence the young Cuban had acquired from his family’s upbringing. At an early age of twelve, he was working at his father’s car upholstering shop. He wanted an expensive pair of shoes but his wage at his father’s shop wasn’t enough for the price so he sold garbage bags to save for the shoes he wanted.

While in school and university, Cuban continued with his entrepreneurial ways by taking several jobs. He attended Indiana University and earned his bachelor’s degree in business in 1981. He moved to Dallas where he opened his computer consulting company MicroSolutions. This business made Cuban a millionaire when Compuserve purchased the company in 1990 for $6 million.

After this, Cuban opened Broadcast.com, an internet broadcasting company. The company grew to a $100-million annual revenue company, employing 300 workers. When the company had an IPO in 1998, the price grew by 250% from $18 to $62.75 per share.

Cuban decided to sell Broadcast.com to Yahoo! in 1999 at the dawn of the dot com crash. The company was sold for $5.04 billion. This made Cuban an instant billionaire.

When Cuban bought the NBA team Dallas Mavericks from Ross Perot Jr., the franchise was actually not for sale. Perot was convinced with Cuban’s passion and persuasiveness to own the team that he sold it to Cuban for $285 million. At the press conference, Perot said, “Mark is a very good salesman. Mark would not give up and I think I told him ‘no’ for about six months. I saw in Mark what I felt this organization needed. I saw his enthusiasm and his passion for the game as well as his passion for the Dallas Mavericks. Mark is a longtime fan, and I felt that is what we needed.