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As layoffs and mergers proceed to pattern within the know-how trade, staff typically surprise what occurs to them if their firm is acquired.
And whereas a enterprise being bought can sign job cuts, staff working for any of Mark Cuban’s subsidiaries may discover themselves in a way more optimistic state of affairs.
In a publish on X final week, Cuban gave a stunning reply when requested what occurs to staff at his corporations when it’s bought, the place they go, and the way they’re compensated.
“In each enterprise I’ve bought, I’ve paid out bonuses to each worker that was there greater than a 12 months,” Cuban wrote, noting that with the sale of Broadcast.com, 300 out of the 330 staff working there on the time turned millionaires because of the $5.7 billion acquisition by Yahoo! In 1999. “[The Dallas Mavericks sale] wasn’t a complete exit however we paid out greater than $35 million to staff. And solely HDNet had any layoffs proper after the sale.”
In each enterprise I’ve bought I’ve paid out bonuses to each worker that was there greater than a 12 months. https://t.co/02NdL9a41q, 300 out of 330 staff turned millionaires. Microsolutions, I paid out 20 pct to our 80 staff. HDNet wasn’t as massive , however paid out about 20pct… https://t.co/hTvCZnVvUF
— Mark Cuban (@mcuban) June 5, 2024
Cuban additionally talked about the sale of Microsolutions and mentioned that he paid 20% of the overall sale value to the 80 staff working for him, on the time. He bought that firm to CompuServe in 1990 (the corporate shut down in 2009) for $6 million, the primary sale that made him a millionaire.
Which means Cuban would have divided up $1.2 million among the many former staff, giving every employee an estimated $15,000 upon the sale.
In a February interview with Entrepreneur, Cuban mentioned deciding to close down a enterprise and hearth staff is all the time the “most troublesome” resolution he has to make in his profession.
“Each are extremely painful,” he famous.
Associated: Mark Cuban Says This Is The 1 Thing He’d Do Differently
Nonetheless, Cuban’s made a reputation for himself within the enterprise world by means of varied investments and acquisitions, together with at least 85 totally different corporations that he is invested in by means of the hit ABC present “Shark Tank,” which he is set to depart at the end of this season after a strong 13-year run.
In keeping with Bloomberg, Cuban’s net worth was an estimated $7.44 billion as of Monday morning.
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