How did this dipshit get rich?
From BRAVE AI:
Mark Cuban’s Billionaire Path
Mark Cuban’s billion-dollar fortune primarily stems from the sale of Broadcast.com to Yahoo! in 1999. Here’s a breakdown of the events:
Broadcast.com: Cuban co-founded Broadcast.com in 1995, a pioneering online broadcast and streaming media company. He owned 28% of the business.
Initial Public Offering (IPO): In 1998, Broadcast.com went public with an IPO, raising $150 million.
Acquisition by Yahoo!: In 1999, Yahoo! acquired Broadcast.com for $5.7 billion in Yahoo! stock. Cuban’s 28% stake in Broadcast.com translated to a significant portion of this deal.
Hedging against risk: After the sale, Cuban hedged against the risk of a decline in Yahoo!’s stock price, ensuring his after-tax proceeds remained substantial.
Tax implications: The value of Cuban’s after-tax proceeds from the Broadcast.com sale is estimated based on an analysis of asset sales and purchases, taxes, and market performance.
While Cuban’s net worth has fluctuated over the years, his initial billion-dollar fortune was largely generated from the Broadcast.com sale. His subsequent business ventures, investments, and entrepreneurial activities have contributed to his continued wealth, but the Broadcast.com deal remains the foundation of his billion-dollar net worth.
Note: Cuban’s net worth has been reported to be around $3.9 billion as of 2018, according to Forbes. However, his initial billion-dollar fortune was primarily generated from the Broadcast.com sale in 1999.