Mark Cuban Made These Former Employees Millionaires In a single day

As layoffs and mergers proceed to development within the expertise business, workers usually surprise what occurs to them if their firm is acquired.

And whereas a enterprise being bought can sign job cuts, workers working for any of Mark Cuban’s subsidiaries would possibly discover themselves in a way more constructive state of affairs.

In a submit on X final week, Cuban gave a stunning reply when requested what occurs to workers at his firms when it’s bought, the place they go, and the way they’re compensated.

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“In each enterprise I’ve bought, I’ve paid out bonuses to each worker that was there greater than a 12 months,” Cuban wrote, noting that with the sale of, 300 out of the 330 workers working there on the time turned millionaires due to the $5.7 billion acquisition by Yahoo! In 1999. “[The Dallas Mavericks sale] wasn’t a complete exit however we paid out greater than $35 million to workers. And solely HDNet had any layoffs proper after the sale.”

Cuban additionally talked about the sale of Microsolutions and stated that he paid 20% of the entire sale worth to the 80 workers working for him, on the time. He bought that firm to CompuServe in 1990 (the corporate shut down in 2009) for $6 million, the primary sale that made him a millionaire.

Which means that Cuban would have divided up $1.2 million among the many former workers, giving every employee an estimated $15,000 upon the sale.

In a February interview with Entrepreneur, Cuban stated deciding to close down a enterprise and fireplace workers is all the time the “most tough” choice he has to make in his profession.

“Each are extremely painful,” he famous.

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Nonetheless, Cuban’s made a reputation for himself within the enterprise world via numerous investments and acquisitions, together with at least 85 completely different firms that he is invested in via the hit ABC present “Shark Tank,” which he is set to depart at the end of this season after a strong 13-year run.

In accordance with Bloomberg, Cuban’s net worth was an estimated $7.44 billion as of Monday morning.

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