Shark Tank billionaire Mark Cuban says ‘loss of DEI-Phobic companies’ is his gain

Billionaire and Shark Tank co-host Mark Cuban has argued in favor of diversity, equity, and inclusion among companies, stating that a diverse workforce is “good for business.”

Cuban’s statement comes after several billionaires have spoken out against DEI, with Tesla and SpaceX CEO Elon Musk describing it as “another word for racism.” Cuban, on the other hand, argued that “good companies will look where others don’t” and look for employees who are overlooked by other companies.

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“You may not agree, but I take it as a given that there are people of various races, ethnicities, orientation, etc that are regularly excluded from hiring consideration,” Cuban posted on X. “By extending our hiring search to include them, we can find people that are more qualified. The loss of DEI-Phobic companies is my gain.”

Cuban also compared DEI to healthcare and how many CEOs will waste “a s***load of money” on care for their employees that is not quality, and that DEI is similar to healthcare because both are not seen “as a core competency” and instead an expense. He added that while many company leaders and CEOs see the benefit of DEI, most will not take the time necessary to focus on it.

“When anything that impacts all of your employees is pretty much a check list item to the CEO, there is a good chance that its not going work well and you are going to have employees who are not comfortable for a lot of different reasons,” Cuban said. “Which in turn creates resentment towards DEI policies and training. Which in turn makes it harder on the managers trying to implement it. When companies do DEI well, you see a well run, successful company.”

Cuban has not shied away from speaking on divisive subjects before. In 2023, he claimed that it is “good business” for businesses to play a role in the political sphere. He argued that this is because consumers want to purchase goods from companies “that care about their customers.”

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Speculation that Cuban would run for public office in 2024 began to grow toward the end of last year after Cuban made several changes in his life, including his departure from the show Shark Tank once its 16th season finishes and the release of reports claiming Cuban planned to sell a majority of his stake in the Dallas Mavericks. However, Cuban confirmed to the Washington Examiner that he’s “not running” in 2024 and is instead focusing on his online pharmacy company, Cost Plus Drugs.

Musk denouncing DEI came after fellow billionaire Bill Ackman argued that DEI is “racist” and that advocating diversity in the workforce should not necessarily mean giving someone a leadership role for which they are not fit. He argued that this was the case with ex-Harvard President Claudine Gay, who resigned from her position on Tuesday.