Billionaire Mark Cuban disclosed that he was once wealthier than Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk and Amazon.com (NASDAQ:AMZN) founder Jeff Bezos combined, but his focus stayed on his other interests.
Speaking on the House of Haymakers podcast earlier this month, the Shark Tank star revealed “there was a time” when his net worth exceeded that of the top two tech billionaires combined. But he said, “I didn’t care. I wasn’t trying to maximize my wealth, I was trying to win with the Mavs (Dallas Mavericks).”
Cuban also warned against the concentration of wealth, citing 10-15 companies that are now trillion dollars; at the same time, there are 4,900 that haven’t yet joined the league.
“Overconcentration of wealth is a problem. Now, the question is, how do you respond to it?” asked Cuban
Cuban then shared how he was able to maintain his wealth due to a strategic move he made when selling his company to Yahoo Inc. “They didn’t pay us in cash, and I sold calls and bought puts to protect myself if it went down,” he explained.
