Entrepreneur, NBA owner, and Shark Tank investor Mark Cuban told Cheddar on Wednesday that the coronavirus pandemic could signal a shift in the U.S. economy toward workers in what he dubbed "America 2.0."
"You've really got to put your workers first," he said. "We've always talked about trickle-down economics. Now we've got to look at trickle-up economics."
Cuban, who owns the Dallas Mavericks, has already gotten attention for keeping on his hourly employees even after the NBA suspended the regular season due to coronavirus
"Nothing is going to happen unless workers feel confident when they go to work that they're going to be safe," he said.
How companies treat their employees, stakeholders, and customers during this crisis is going to "define your brand for a long time to come," he added.
The entrepreneur also didn't get ahead of himself in predicting an end to the business shutdown that has hobbled large cross-sections of the economy.
"I'm not going to tell my employees to go back to work or go out into the markets until they're safe," Cuban said. "I just couldn't in good conscience do that."
He echoed this sentiment in talking about the return of sports, as all the major leagues have been put on hold.
"While we need sports, while we need something to cheer for, while we want something to get behind and get excited about, we can't risk people's lives," he said.
Cuban also criticized the execution of the current government stimulus aid, which he stated has so far failed to facilitate lending to small businesses.
"Hopefully within the next five to seven days, the banks will start being able to loan money to the millions of small businesses that need it," he said.
President Donald Trump's administration last month awarded a $1.2 billion contract to build and operate what's expected to become the nation’s largest immigration detention complex to a tiny Virginia firm with no experience running correction facilities.
Chipmaker Nvidia is poised to release a quarterly report that could provide a better sense of whether the stock market has been riding an overhyped artificial intelligence bubble or is being propelled by a technological boom that’s still gathering momentum.
Cracker Barrel said late Tuesday it’s returning to its old logo after critics — including President Donald Trump — protested the company’s plan to modernize.
Low-value imports are losing their duty-free status in the U.S. this week as part of President Donald Trump's agenda for making the nation less dependent on foreign goods. A widely used customs exemption for international shipments worth $800 or less is set to end starting on Friday. Trump already ended the “de minimis” rule for inexpensive items sent from China and Hong Kong, but having to pay import taxes on small parcels from everywhere else likely will be a big change for some small businesses and online shoppers. Purchases that previously entered the U.S. without needing to clear customs will be subject to the origin country’s tariff rate, which can range from 10% to 50%.
Southwest Airlines will soon require plus-size travelers to pay for an extra seat in advance if they can't fit within the armrests of one seat. This change is part of several updates the airline is making. The new rule starts on Jan. 27, the same day Southwest begins assigning seats. Currently, plus-size passengers can pay for an extra seat in advance and later get a refund, or request a free extra seat at the airport. Under the new policy, refunds are still possible but not guaranteed. Southwest said in a statement it is updating policies to prepare for assigned seating next year.
Cracker Barrel is sticking with its new logo. For now. But the chain is also apologizing to fans who were angered when the change was announced last week.
Elon Musk on Monday targeted Apple and OpenAI in an antitrust lawsuit alleging that the iPhone maker and the ChatGPT maker are teaming up to thwart competition in artificial intelligence.
