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  • 82 Comments
Joined 1 year ago
Cake day: June 12th, 2023
  • Bleys@lemmy.worldtoBusiness@lemmy.world•After Shark Tank, Mark Cuban Just Wants to Break Shit—Especially the Prescription Drug IndustryEnglish
    2·
    2 months ago

    Semantically it might not be a literal scam, but at best it was a bad faith transaction given that he literally bet on his company failing as soon as he sold it.

    And internet radio might still exist today, but from a business perspective it’s basically a non-factor in terms of revenue when compared to any other form of music streaming or podcast distribution network. And more importantly, internet radio today can be created directly by each given station, e.g. Sirius can make their own website to host their shows. Mark Cuban’s Broadcast.com was supposed to be a centralized hub for all radio stations. But why would any station host there if they can just make their own website and cut out the middleman?

    All of this is to say that Cuban is either a poor businessman, a shady one, or both. And I don’t think it bodes well for the would-be consumers of his new pharmaceutical company.

  • Bleys@lemmy.worldtoBusiness@lemmy.world•After Shark Tank, Mark Cuban Just Wants to Break Shit—Especially the Prescription Drug IndustryEnglish
    81·
    2 months ago

    His dotcom-era company was a “radio on the internet” website (this was actually parodied in HBO’s Silicon Valley). As you’ve probably noticed, no one listens to radio on the internet because the entire point of radio is that it can be accessed by anyone with a radio signal, which is much easier to obtain than an internet connection and more importantly is free.

    He then sold this doomed company to Yahoo. But not only that, he actually shorted the Yahoo stock that he received in compensation because he knew that his company was vaporware and as a result he got paid twice (once for the sale and then later because Yahoo shares tanked when they had to entirely write off his acquired company, among other dumb investments they made).

  • Bleys@lemmy.worldtoBusiness@lemmy.world•After Shark Tank, Mark Cuban Just Wants to Break Shit—Especially the Prescription Drug IndustryEnglish
    514·
    2 months ago

    My single biggest Reddit pet peeve was how they would idolize people who absolutely did not deserve it (see also: old Elon Musk). And lately they’ve been giving Mark Cuban the same treatment. I’m sad to see it happen on Lemmy as well.

    Mark Cuban made his billions by quite literally scamming Yahoo. Like say what you will about Bill Gates and Steve Jobs, but at least they made products that people actually use. Then he followed the Trump path of making a shitty reality TV show which grossly inflated his business acumen. And now people are treating him as a saint for pedaling a new company that’s supposed to fix the pharma industry. First of all, he’s not doing this out of charity - it’s 100% strictly a business venture. And second, you know what would fix drug prices? Single payer healthcare. Like there are literally dozens of other countries that sell these same drugs for nothing because they have nationalized healthcare.