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.

Share:
More In Business
Nestlé dismisses CEO after he has relationship with a subordinate
Nestlé has dismissed its CEO Laurent Freixe after an investigation into an undisclosed relationship with a direct subordinate. The company announced on Monday that the dismissal was effective immediately. An investigation found that Freixe violated Nestlé’s code of conduct. He had been CEO for a year. Philipp Navratil, a longtime Nestlé executive, will replace him. Chairman Paul Bulcke stated that the decision was necessary to uphold the company’s values and governance. Navratil began his career with Nestlé in 2001 and has held various roles, including CEO of Nestlé's Nespresso division since 2024.
Kraft Heinz undoes blockbuster merger after a decade of falling sales
Kraft Heinz is splitting into two companies a decade after they joined in a massive merger that created one of the biggest food companies on the planet. One of the companies will include brands such as Heinz, Philadelphia cream cheese and Kraft Mac & Cheese. The other will include brands like Oscar Mayer, Kraft Singles and Lunchables. When the company formed in 2015 it wanted to capitalize on its massive scale, but shifting tastes complicated those plans, with households seeking to introduce healthier options at the table. Kraft Heinz's net revenue has fallen every year since 2020.
Load More