(DALLAS) — Since he turned his boyhood stamp collection into a money-making scheme and asked to move out of the house at age 11, entrepreneur and Dallas Mavericks owner Mark Cuban says he’s been driven not by the rewards of business, but the tooth-and-claw competition of making high-risk deals.
Selling powdered milk door-to-door may not have been his finest hour, but he says it gave him some of the skills that eventually led to a $6 billion payday. Whether it was luck or delusion that convinced Yahoo to hand over that much stock for Cuban’s Broadcast.com in 1999, he still had the foresight to diversify before the tech bubble burst. Some of his partners lost it all, while he sits atop a multibillion dollar sports and media empire.
Over lunch at his favorite burger joint this winter, the famously candid mogul bounced from topic to topic, dispensing to ABC’s Bill Weir opinions on politicians, business leaders and the state of the nation. When his lawyer dropped by the table to discuss buying the Los Angeles Dodgers, Cuban wrinkled his nose and shook his head at outgoing owner Frank McCourt’s demands.
“He wants to keep the parking lots and lease them back at a ridiculous rate,” he said. “And he’s sued everybody he’s ever gone into business with.”
In a wide-ranging interview in his owner’s suite, Cuban had no qualms wading into election-year politics and calls for “the 1 percent” to pay more in taxes. Unlike many of his fellow billionaires atop the Forbes list, he agrees. And the attached video clip explains why:
Watch ABC News Nightline anchor Bill Weir’s full interview with Mark Cuban on Nightline TONIGHT at 11:35 p.m. ET/PT
Copyright 2012 ABC News Radio
Paul Menser, Bizmojo Idaho
Cristina Alesci Seth Fiegerman and Charles Riley, CNN
Debra Goldschmidt, CNN
Kathryn Vasel, CNN