As a seasoned investor and entrepreneur with a knack for turning ventures into gold, I’ve always admired Mark Cuban’s audacious spirit and shrewd business acumen. His latest interest in acquiring Fox News and Twitter is nothing short of intriguing.
Mark Cuban is prepared to put his signature on the necessary documents once the opportunity arises for him to purchase both the conservative broadcasting network, Fox News, and the social media platform X.
In a conversation with WIRED, Mark Cuban revealed that he lacks the necessary funds to immediately acquire Fox News, expressing eagerness to do so if he had the financial means. Regarding purchasing the established news corporation, he stated, “If I had enough money for it, which I don’t, I would grab it in an instant.” He clarified that the current market value of Fox is approximately $15.6 billion USD, but a substantial amount more would be required to complete the acquisition. Cuban, who is a minority owner of the Dallas Mavericks, explained further, “You have to pay at least a 50% premium, bringing it to around $22 billion USD. After that, you need to make all the necessary changes, which could cost another $2 billion USD. Selling some assets might reduce the price to about $15 billion USD net. Unfortunately, I don’t have $15 or $20 billion USD in readily available cash.
As reported by Forbes, Mark Cuban’s current net worth stands at approximately $5.7 billion USD. Additionally, Cuban expressed interest in potentially purchasing X (formerly known as Twitter), but noted that Elon Musk currently sees no reason to sell the social media platform. Previously this year, a disagreement between the two billionaires over opinions led Musk to challenge Cuban on X regarding the openness of their algorithm. In a tweet, Musk stated, “Unlike other platforms, our algorithm is transparent! If you frequently engage with ‘right-wing’ accounts, as Cuban often does, the algorithm will assume that’s what you prefer and serve you more of it.” He then added a laughing emoji for good measure.
Cuban currently has a 27% ownership stake of the Mavs.
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2024-09-18 12:25