Investor Mark Cuban made billions of dollars during the dot-com boom by hedging his portfolio after selling his company, Broadcast.com, to Yahoo in 1999 for $5.7 billion in stock.
But Cuban wasn’t always an expert investor.
Who is Mark Cuban
Mark Cuban (born July 31, 1958) is an American billionaire entrepreneur, television personality, media proprietor, and investor, whose net worth is an estimated $4.3 billion, according to Forbes and ranked #177 on the 2020 Forbes 400 list.
In fact, “I learned some expensive lessons when I first started trading stocks,” Cuban said Tuesday during an “Ask Me Anything” session on Reddit. “It was painful.”
Cuban had responded to a user asking for advice for those who recently lost money amid the GameStop trading frenzy, as the AMA was hosted by subreddit WallStreetBets, the same group that made headlines for helping the video game retailer’s stock price surge.
How did Mark Cuban get rich?
He's earned his fortune through a lifetime of business deals, including the $5.7 billion sale of Broadcast.com, his ownership of the Dallas Mavericks, and investments made on ABC's "Shark Tank." He also just revealed he has nearly $1 billion in Amazon stock alone, according to CNBC
What company does Mark Cuban own?
Mark Cuban founded video portal Broadcast.com with fellow Indiana University alum Todd Wagner in 1995 and sold it to Yahoo for $5.7 billion in 1999. Today he owns the NBA's Dallas Mavericks and has stakes in Magnolia Pictures, AXS TV and dozens of small startups.
Back then, ”[I] tried to learn what I got right and wrong,” Cuban said. But ”[r]ight now, right here. The game is changing.”