Here's how Shark Tank judge Mark Cuban made 300 of his employees into millionaires
Mark Cuban, the renowned entrepreneur and investor from Shark Tank, has made headlines for his unique approach to business sales, where he shares profits with employees. In a recent post on X, Cuban revealed that 300 of the 330 employees at Broadcast.com became millionaires when the audio streaming service was sold to Yahoo for $5.7 billion in 1999.
Modi 3.0 Live
Modi 3.0 is here! Familiar faces, fresh additions, and the big portfolio puzzle
Modi-fying growth: India plans policy twist for jobs & investment
No place for losers: Modi sends a clear message with Cabinet 3.0
Want a Loan? Get cash against your Mutual Funds in 4 hoursA Legacy of Profit Sharing
Cuban's profit-sharing practice extends beyond Broadcast.com. He has consistently paid bonuses to employees who have been with the company for more than a year. This includes his first company, MicroSolutions, and later ventures like HDNet (now AXS TV).
Early Successes and Setbacks
Cuban's entrepreneurial journey began with MicroSolutions, a software firm he sold to CompuServe for $6 million in 1990. Demonstrating his commitment to employees, he distributed 20% of the proceeds among his 80 employees. Despite early challenges, including nearly going broke due to embezzlement by a secretary, Cuban managed to turn the business around and eventually sold it, making him a millionaire.
Major Business Moves
In 1995, Cuban invested in AudioNet, which became Broadcast.com. Despite skepticism about the fledgling internet, Cuban's venture proved successful. Upon selling
