Staff Reports
Shark Tank co-host and billionaire Mark Cuban recently made some controversial remarks in support of diversity, equity, and inclusion (DEI) among companies. Cuban argued that a diverse workforce is “good for business,” taking a different stance from other billionaires like Elon Musk and Bill Ackman who have spoken out against DEI, calling it “racist” and unnecessary.
Shark Tank billionaire Mark Cuban says 'loss of DEI-Phobic companies' is his gain https://t.co/DE2koWl81Y https://t.co/DE2koWl81Y
— Washington Examiner (@dcexaminer) January 4, 2024
Cuban’s belief is that good companies will look beyond the norm to seek out employees who might be overlooked by other companies. He emphasized the importance of extending hiring searches to include individuals from various races, ethnicities, and orientations, in order to find the most qualified candidates. Cuban went on to compare DEI to healthcare, suggesting that many CEOs view both as just a checklist item rather than a core competency that requires real focus and attention.
The outspoken entrepreneur also noted that while many company leaders and CEOs see the benefits of DEI, they often fail to allocate the necessary time and effort to truly implement it effectively. According to Cuban, when companies do DEI well, the result is a well-run, successful company. This is a bold statement coming from Cuban, who is no stranger to speaking his mind on divisive topics.
The news of Cuban’s outspoken support for DEI comes in the midst of speculation about his potential run for public office in 2024. Although rumors about his political aspirations began circulating after he announced his departure from Shark Tank and planned to sell a majority of his stake in the Dallas Mavericks, Cuban has confirmed that he is not running in 2024. Instead, he is focusing on his online pharmacy company, Cost Plus Drugs.
On the other hand, Elon Musk and Bill Ackman have taken a decidedly different stance on DEI. Musk referred to it as “another word for racism,” while Ackman argued that advocating for diversity in the workforce should not automatically lead to giving someone a leadership role for which they are not fit.
These contradictory views among prominent billionaires highlight the ongoing debate surrounding DEI in the business world. Regardless of where one stands on the issue, it’s clear that Mark Cuban is unafraid to share his opinions and influence the conversation around diversity and inclusion.
