Self-proclaimed “ungodly rich” owner of the NBA’s Dallas Mavericks appeared as a guest on ESPNU’s “The Herd with Colin Cowherd” on Friday to discuss the globalization of sports and social issues.
According to Cuban, with the way the financial system is set up right now, it’s harder to get wealth if you do not already have it.
“As far as people like me who are just ungodly rich, and I thank my lucky stars every day and pinch myself every day, I never envisioned or planned that this would happen to me. But the way the financial system is set up right now, it’s harder to go public. It’s harder to get wealth from the financial system if you don’t already have wealth. That’s not a good thing.”
He later explained, “You would be able to sit in a cab and people would talk about stocks and people would have the opportunity to say, ‘You know what, we’re making money off this stock.’ ‘Mark, I made money off of broadcast.’ That doesn’t happen anymore. People don’t trust the stock market. And if you don’t trust the capital markets, and I blame that on my buddies at the SEC, but if you don’t trust the capital markets and you aren’t willing to invest, there’s no chance you’re going to be able to do it unless you start a company. And so that’s the dichotomy we have to fight through.”
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