Mark Cuban
Shark Tank judge Mark Cuban reveals how his audio streaming service's 300 employees were turned into millionaires
New York/IBNS: Renowned entrepreneur and investor on the popular TV show Shark Tank, Mark Cuban, has revealed how 300 of the 330 employees of his audio streaming service Broadcast.com were turned into millionaires, highlighting the practice of sharing profits with employees following company sales.
Mark Cuban, in a recent post on X (formerly Twitter), shared that 300 of the 330 employees at Broadcast.com became millionaires when the company was sold to Yahoo for $5.7 billion in stock in 1999.
"In every business I have sold, I have paid out bonuses to every employee that was there more than a year," the entrepreneur stated, extending this approach beyond Broadcast.com.
In every business I've sold I've paid out bonuses to every employee that was there more than a year. https://t.co/02NdL9a41q, 300 out of 330 employees became millionaires. Microsolutions, I paid out 20 pct to our 80 employees. HDNet wasn't as big , but paid out about 20pct… https://t.co/hTvCZnVvUF
— Mark Cuban (@mcuban) June 5, 2024
Further elaborating this approach, Cuban said that he had distributed a portion of the proceeds to employees at MicroSolutions and HDNet, which is now known as AXS TV.
These sales were not accompanied by layoffs, demonstrating a commitment to employee well-being beyond financial rewards, as per reports.
According to a CNBC report, Cuban's entrepreneurial journey started with software firm MicroSolutions, which he sold to CompuServe for $6 million in 1990.
Following the sale, the entrepreneur reportedly distributed 20 percent of the proceeds among his 80 employees, which resulted in an approximate $15,000 windfall for each employee, if the money was divided equally.
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