Additional Coverage:
- ‘Shark Tank’ star Mark Cuban turned 300 of his employees into millionaires with a single move (marketrealist.com)
“Shark Tank” star and longtime Dallas Mavericks owner Mark Cuban recently revealed how he rewarded his employees after selling a majority stake in the team. Cuban, known for his business acumen and investments, shared his generous bonus plan on the “Club Shay Shay” podcast.
Cuban purchased the Mavericks in 2000 for $285 million. He steadily built the team’s value, eventually selling a majority stake for a reported $3.5 billion.
Following the sale, Cuban distributed $35 million in bonuses to Mavericks employees. He emphasized the importance of his team’s contributions to the franchise’s success, stating he couldn’t have achieved such a high valuation without them.
This wasn’t a new practice for Cuban. He has a history of sharing profits with employees after selling businesses.
He did so after selling his first company, MicroSolutions, in 1990, and again after selling his stake in HDNet (now AXS TV) in 2019. Cuban reportedly created 300 millionaires among his 330 employees after selling Broadcast.com.
Cuban confirmed that he wanted to extend the same generosity to the Mavericks staff. In late 2023, he informed employees of the bonuses through an internal memo.
The bonuses were calculated based on length of service with the team. Cuban reflected on the impact, noting that the bonuses were “life-changing money” for long-tenured employees.