Mark Cuban is a name that rings a bell for just about everyone. With a whopping net worth of $6.2 billion, he’s not just any Shark, in fact he’s the richest one in the tank! But to be very honest, Cuban’s journey to the top hasn’t always been a smooth sailing. Like any great entrepreneur, he’s had his fair share of wins and losses. Even on Shark Tank, not every deal has been a money-maker.
Take Breathometer, for example, a startup that promised to revolutionize personal breathalyzers but ultimately fizzled out. Cuban himself has called it his worst investment on the show. Here is why!
Mark Cuban’s Worst Investment in Shark Tank History!
Mark Cuban isn’t the type to throw his money at just anything, he invests in ideas he truly believes in. Similarly in 2013, entrepreneur Charles Michael Yim managed to earn Cuban’s trust with his pitch for Breathometer, a gadget billed as “the world’s first smartphone breathalyzer.”
In fact, Cuban wasn’t the only who was roped in, the pitch was so convincing that all the Sharks teamed up for the first time in Shark Tank history, investing $1 million for a 30% stake in the company. Fast forward to today, though, and Cuban has called it his biggest flop, losing $500,000 on what seemed like a breath of fresh air, emphasis of “seemed”. However, the problem wasn’t solely with the product. In a recent chat on the Full Send podcast, Cuban revealed more about what went wrong.
The guy – Charles – I’d look at his Instagram and he’d be in Bora Bora …, Two weeks later, he’d been in [Las] Vegas partying, and then he’d be on Necker Island with Richard Branson. Next thing you know, all of the money’s gone!
Cuban wasn’t shy about questioning Yim’s pricey travel habits, pressing him on why he needed those lavish trips. Yim’s response? He claimed it was all for “networking.” But things only took a turn for the worse from that point. By January 2017, the Federal Trade Commission (FTC) stepped in, filing a complaint against Yim and Breathometer.
The FTC accused the company of making bold claims about the product without the science to back them up. Breathometer and the FTC settled later that month, requiring the company to fully refund every customer who had bought the device.
Mark Cuban Has Lost More Than He’s Gained on Shark Tank!
Mark Cuban admits he’s lost more money than he’s made on Shark Tank, a tough pill to swallow even for the audience! After spending more than a decade on ABC’s hit show, Cuban says his investments have been a mixed bag, with as many misses as hits, maybe even more. While some deals have been big wins, others have left him scratching his head. But regret is not his style, although, which is an easy sentiment when you’re sitting on a $6.2 billion empire!
Since joining the show, Cuban has made over 200 on-screen deals worth more than $61 million, though he clarified in a recent Forbes interview that the real figure is closer to $29 million, as not all deals actually close. Speaking with CNBC Make It on the matter, Cuban explained,
I haven’t gotten out more than I have put in. But that doesn’t account for all the ongoing, operating businesses and their valuations
Now after, 16 seasons in the tank, the big Shark is finally moving on. Mark Cuban announced fairly recently that he’s leaving the show to focus on what matters most, spending more time with his family and along with that he is also growing his prescription drug company. His fans wish nothing but the best for him!
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