February 28, 2024

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Why is Mark Cuban leaving Shark Tank, the biggest moment in the show?

Why is Mark Cuban leaving Shark Tank, the biggest moment in the show?

It’s official: Mark Cuban says he’s leaving ABC’s “Shark Tank” after more than a decade on the show.

The billionaire businessman and investor plans to move on after Season 16 concludes in 2025, he told The Hollywood Reporter on Monday.

Explaining his justification for leaving the TV show after more than a decade, Cuban (65 years old) said: “I just want to spend a couple of summers with my teenage children before they go off on their own.” “It has nothing to do with the show. I love it. I love being in it. I love what it is.” [it] It represents and motivates entrepreneurs around the world.”

Cuban has been a mainstay on the popular show since he first appeared as a “Shark” investor and judge on the startup pitch in 2011. Leaving the show wasn’t his only major piece of recent news: He agreed to sell a majority stake in the Dallas Mavericks. For professionals. — which he has held since 2000 — for $3.5 billion, while retaining a minority stake and control of basketball operations, CNBC confirmed Tuesday.

His 12 years — and counting — on “Shark Tank” have produced unforgettable moments, ranging from laugh-out-louds to heart-tugging. Here are three of the most notable:

The biggest show in “Shark Tank” history.

During Season 6, Cuban made the biggest offer in “Shark Tank” history to Arum, Soo and Dawoon Kang, the sisters behind the dating app Coffee Meets Bagel.

The Kang sisters sought $500,000 for 5% of their company, which aimed to use people’s social media accounts to romantically connect them with a “friend of a friend.” The episode aired in 2015, and at the time it was filmed, Coffee Meets Bagel wasn’t profitable — but it had raised $2.8 million in funding.

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Initially, the sisters refused to reveal the number of Coffee Meets Bagel users, with Arum only offering “several hundred thousand users” as a dancing character. For this reason, Cuban said he would not make them an offer.

“If you want an investment, you can’t not tell us,” Cuban said.

Other sharks followed suit, citing lack of profitability and what they viewed as an overly optimistic $10 million valuation.

Then Cuban came back with a question: “If I offered you $30 million for… [entire] Company, will you take it?”

The offer was the biggest in “Shark Tank” history, and the sisters turned it down. “We see this business growing as big as Match.com, and you know how much revenue they’re generating? $800 million a year,” Arum said. “It has become a billion-dollar revenue company, and we believe this model and product have the potential to become as big as Match.”

Cuban praised the Kang family’s decision to leave the show without an investment offer, even calling their company “amazing.” By 2018, the app was worth between $50 million and $100 million, according to private research firm PrivCo.

“I liked the idea very much, I will implement it.”

Rarely do you see an investor take an entrepreneur’s idea and give it to a competitor. Earlier this year, Cuban did just that.

In an episode that aired in April, Cuban fell in love with the concept of Parting Stone, an alternative cremation company that turns ashes into polished stone. Its founder, Justin Crowe, asked investors for $400,000 in exchange for 5% of his company’s shares.

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The money will go toward automating his company’s operations to “get somewhere.” [stronger] “Profitability,” Crowe said.

Cuban quickly threw Crowe a curveball: He had already invested in a startup called Eterneva, which turned ash into diamonds, and he liked the idea of ​​adding smooth, polished stones to Eterneva’s product line.

“We are a direct competitor to you,” Cuban noted, adding: “I like the idea very much, and I will take it to my place.” [Eterneva’s CEO] And see if she can do the same.”

Crowe successfully negotiates an investment offer from Lori Greiner and Kevin O’Leary: $400,000 in cash for 10% equity, $20 in consumer equity, and $12.50 from the business. “There are two areas I invest in: weddings and death,” O’Leary said during the episode. “Recession evidence.”

“The stupidest marketing move ever.”

If you find yourself pitching your business idea in Cuba, be careful: one mistake could lead to quick failure and early exit.

In an episode of “Shark Tank” that aired last year, brothers Donovan and Trey Brown asked investors for $200,000 for a 5% stake in the Los Angeles-based car air freshener company Ride FRSH. Less than two minutes after kickoff, they handed Kobe an air freshener bearing the logo of the Golden State Warriors in the NBA.

Cuban, who owned the Mavericks for decades, was furious. “The stupidest marketing move ever,” he said, throwing the air freshener on the ground. “You should read your room. Wrong move, wrong time.”

The brothers eventually agreed to a $200,000 deal with Barbara Corcoran, and apologized to Kobe. Later, they said the awkward moment was always part of their plan to “go viral.”

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“How many people can say they’ve caught a shark… better yet, the biggest shark, and [still] “We made a deal?” The brothers told CNBC Make It in January.

Disclosure: CNBC owns the exclusive off-network cable rights to “Shark Tank.”

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