Entrepreneur, NBA owner, and Shark Tank investor Mark Cuban told Cheddar on Wednesday that the coronavirus pandemic could signal a shift in the U.S. economy toward workers in what he dubbed "America 2.0."
"You've really got to put your workers first," he said. "We've always talked about trickle-down economics. Now we've got to look at trickle-up economics."
Cuban, who owns the Dallas Mavericks, has already gotten attention for keeping on his hourly employees even after the NBA suspended the regular season due to coronavirus
"Nothing is going to happen unless workers feel confident when they go to work that they're going to be safe," he said.
How companies treat their employees, stakeholders, and customers during this crisis is going to "define your brand for a long time to come," he added.
The entrepreneur also didn't get ahead of himself in predicting an end to the business shutdown that has hobbled large cross-sections of the economy.
"I'm not going to tell my employees to go back to work or go out into the markets until they're safe," Cuban said. "I just couldn't in good conscience do that."
He echoed this sentiment in talking about the return of sports, as all the major leagues have been put on hold.
"While we need sports, while we need something to cheer for, while we want something to get behind and get excited about, we can't risk people's lives," he said.
Cuban also criticized the execution of the current government stimulus aid, which he stated has so far failed to facilitate lending to small businesses.
"Hopefully within the next five to seven days, the banks will start being able to loan money to the millions of small businesses that need it," he said.
A big-screen adaptation of the anime “Chainsaw Man” has topped the North American box office, beating a Springsteen biopic and “Black Phone 2.” The movie earned $17.25 million in the U.S. and Canada this weekend. “Black Phone 2” fell to second place with $13 million. Two new releases, the rom-com “Regretting You” and “Springsteen — Deliver Me From Nowhere,” earned $12.85 million and $9.1 million, respectively. “Chainsaw Man – The Movie: Reze Arc” is based on the manga series about a demon hunter. It's another win for Sony-owned Crunchyroll, which also released a “Demon Slayer” film last month that debuted to a record $70 million.
The Federal Aviation Administration says flights departing for Los Angeles International Airport were halted briefly due to a staffing shortage at a Southern California air traffic facility. The FAA issued a temporary ground stop at one of the world’s busiest airports on Sunday morning soon after U.S. Transportation Secretary Sean Duffy predicted that travelers would see more flights delayed as the nation’s air traffic controllers work without pay during the federal government shutdown. The hold on planes taking off for LAX lasted an hour and 45 minutes and didn't appear to cause continued problems. The FAA said staffing shortages also delayed planes headed to Washington, Chicago and Newark, New Jersey on Sunday.
Boeing workers at three Midwest plants where military aircraft and weapons are developed have voted to reject the company’s latest contract offer and to continue a strike that started almost three months ago. The strike by about 3,200 machinists at the plants in the Missouri cities of St. Louis and St. Charles, and in Mascoutah, Illinois, is smaller in scale than a walkout last year by 33,000 Boeing workers who assemble commercial jetliners. The president of the International Association of Machinists says Sunday's outcome shows Boeing hasn't adequately addressed wages and retirement benefits. Boeing says Sunday's vote was close with 51% of union members opposing the revised offer.
