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.
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Spain's government has fined Airbnb 64 million euros or $75 million for advertising unlicensed tourist rentals. The consumer rights ministry announced the fine on Monday. The ministry stated that many listings lacked proper license numbers or included incorrect information. The move is part of Spain's ongoing efforts to regulate short-term rental companies amid a housing affordability crisis especially in popular urban areas. The ministry ordered Airbnb in May to remove around 65,000 listings for similar violations. The government's consumer rights minister emphasized the impact on families struggling with housing. Airbnb said it plans to challenge the fine in court.
Roomba maker iRobot has filed for Chapter 11 bankruptcy protection, but says that it doesn’t expect any disruptions to devices as the more than 30-year-old company is taken private under a restructuring process. iRobot said that it is being acquired by Picea through a court-supervised process. Picea is the company's primary contract manufacturer. The Bedford, Massachusetts-based anticipates completing the prepackaged chapter 11 process by February.
Serbia’s prosecutor for organized crime has charged a government minister and three others with abuse of position and falsifying of documents related to a luxury real estate project linked to U.S. President Donald Trump’s son-in-law Jared Kushner. The charges came on Monday. The investigation centers on a controversy over a a bombed-out military complex in central Belgrade that was a protected cultural heritage zone but that is facing redevelopment as a luxury compound by a company linked to Kushner. The $500 million proposal to build a high-rise hotel, offices and shops at the site has met fierce opposition from experts at home and abroad. Selakovic and others allegedly illegally lifted the protection status for the site by falsifying documentation.
