Mark Cuban – 7 Years Ago Today
Mark Cuban has a wonderful entry on his BlogMaverick site today in which he describes the day of his company’s [Broadcast.com] IPO.
He recalls having bets on where the price would open [the offering price was $18]. He had guessed 34-36:
Finally, I think it was around 12:30 give or take an hour, the stock opened up.
Sixty Two Dollars and Seventy Five Cents.
For the next 20 minutes or so there was a lot of hi-5ing, champagne corks popping and cellphone calls coming in and out. I remember just leaning against the wall talking to people almost in total shock. I couldn’t help but do all the calculations in my head to try to figure out my paper networth and it was beyond belief.
Now that must have been fun! Interestingly, he then describes, the almost immediate feeling of dread that came with the responsibility of creating a company that could actually live up to that kind of valuation.
Original investors in Broadcast.com had just seen their $30k investments turn into $3m. Only a year later, Mark sold Broadcast.com for 4.9b [yes BILLION] to Yahoo!, and went on to become a full time basketball cheerleader.
Mark Cuban, cofounder of Broadcast.com, walked away with $1.3 billion, which he quickly converted into cash. Cuban, 45, has redeployed his windfall. He spent $307 million on the Dallas Mavericks basketball team and half of the arena where the team plays. He also has put some $25 million into HDNet, a high-definition TV channel carried over satellite; at least $10 million into a film company whose GodSend, set for release in October, stars Robert De Niro; and $41 million on a private jet.
Quoted from Forbes.com. What I love about Mark is that he knew when enough was enough and he knows how to enjoy his money. Nothing bugs me more than rich people who continue stressing to make more. With the possible exception of rich people who don’t know how to take it easy and have fun now that they have more money than they could ever spend.