TND —This week, multibillionaire businessman Mark Cuban made decisions about two of his most well-known endeavors: he sold the majority of his Dallas Mavericks stock and he left ABC’s “Shark Tank,” prompting concerns about the prominent entrepreneur’s future plans.
When Cuban revealed he was quitting “Shark Tank” after the upcoming season to former NBA players Matt Barnes and Stephen Jackson, the news went viral.
“I have one more year to go, because next year—our 16th year—is going to be my last year,” Cuban informed them on their weekly podcast, “All the Smoke.”
He has been a mainstay of the well-liked ABC show that pits business owners and entrepreneurs against a group of investors. Prior to joining the show full-time as a “shark” in season three, Cuban participated in its second season as a guest investor.
Cuban informed The Hollywood Reporter that he was departing to spend more time with his family, but he did not explain his decision on the podcast.
Cuban stated, “I just want to spend a few summers with my teens before they go off on their own.” “Not related to the program. I adore it. Being on it is awesome. I adore what [it] stands for and how it inspires business owners everywhere.
Reports began circulating on Tuesday that he was selling his majority ownership in the Dallas Mavericks of the NBA, following his announcement of his departure from one of his most prominent jobs, which has elevated him to national celebrity status in the media hierarchy.
According to reports from ESPN and The Associated Press, Cuban is selling the Adelson family, who built their fortune on casino resorts in Las Vegas and other locations, the majority of the team. In 2000, investor and former third-party presidential candidate Ross Perot sold the Mavericks to Cuban for $285 million. The squad is valued at $3.5 billion in the purchase, made 23 years later.
On Tuesday, Nov. 28, 2023, in Dallas, during the first half of an NBA basketball game versus the Houston Rockets, Mark Cuban, the owner of the Dallas Mavericks franchise, makes his way to his seat. (Tony Gutierrez/AP Photo)
The rumors state that Cuban will continue to own stock in the team, as well as his position as the franchise’s governor and authority over all basketball-related decisions.
All told, Cuban will be leaving behind not just his enormous wealth from his career as a software entrepreneur who has now branched out into other industries like health care, but also two of his most well-known businesses that helped catapult him into media prominence.
Certain individuals have questioned whether Cuban is preparing to run for president, a notion he has occasionally mentioned.
Despite having discussions with No Labels, a third party aiming to field a centrist candidate in the 2024 race, Cuban decided not to pursue the candidacy. He declared to NBC on Wednesday that he had “no plans to run” for president, following his declaration in July that “my family would disown me” should he enter the race.
In addition, he has regularly spoken his opinions on political matters. In 2020, he considered running for president since he felt that neither major political party was producing any true leadership. However, he ultimately opted against it, though he left the door open.
In 2022, during a speech at the Axios BFD event, Cuban declared that the two-party political system of the nation “is so messed up” and that he can have the most influence through his business endeavors and his advocacy for political system reforms.
As part of his criticisms of the political system, he also attacked primary elections, claiming that they draw voters with the most extreme viewpoints, which forces politicians to adopt more radical stances in an effort to win over these supporters.
In an effort to level the playing field for candidates and parties other than the Democratic and Republican parties, Cuban has argued in favor of ranked-choice voting. Voters use ranked-choice voting systems to rank candidates according to their preferences on a ballot. Votes are then counted repeatedly until a candidate receives a majority.
The system’s proponents contend that because votes don’t need to be realized in order for them to matter in the end, people have more control over the outcome of elections.
Alaska and Maine are just two of the states where it has already been embraced. In the 2022 midterm elections, Alaska Rep. Mary Peltola—the state’s first Democrat to serve the state in the House in almost 50 years—was elected with a significant amount of support thanks in large part to the ranked-choice voting system.
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