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.
The Federal Aviation Administration says flights departing for Los Angeles International Airport were halted briefly due to a staffing shortage at a Southern California air traffic facility. The FAA issued a temporary ground stop at one of the world’s busiest airports on Sunday morning soon after U.S. Transportation Secretary Sean Duffy predicted that travelers would see more flights delayed as the nation’s air traffic controllers work without pay during the federal government shutdown. The hold on planes taking off for LAX lasted an hour and 45 minutes and didn't appear to cause continued problems. The FAA said staffing shortages also delayed planes headed to Washington, Chicago and Newark, New Jersey on Sunday.
Boeing workers at three Midwest plants where military aircraft and weapons are developed have voted to reject the company’s latest contract offer and to continue a strike that started almost three months ago. The strike by about 3,200 machinists at the plants in the Missouri cities of St. Louis and St. Charles, and in Mascoutah, Illinois, is smaller in scale than a walkout last year by 33,000 Boeing workers who assemble commercial jetliners. The president of the International Association of Machinists says Sunday's outcome shows Boeing hasn't adequately addressed wages and retirement benefits. Boeing says Sunday's vote was close with 51% of union members opposing the revised offer.
The stunning indictment that led to the arrest of more than 30 people — including Miami Heat guard Terry Rozier and other NBA figures — has drawn new scrutiny of the booming business of sports betting in the U.S. The multibillion-dollar industry has made it easy for sports fans — and even some players — to wager on everything from the outcome of games to that of a single play with just a few taps of a cellphone. But regulating the rapidly-growing industry has proven to be a challenge. Professional sports leagues’ own role in promoting gambling has also raised eyebrows.
Tesla, the car company run by Elon Musk, reported Wednesday that it sold more vehicles in the past three months after boycotts hit hard earlier this year, but profits still fell sharply. Third-quarter earnings fell to $1.4 billion, from $2.2 billion a year earlier. Excluding charges, per share profit of 50 cents came in below analysts' estimate. Tesla shares fell 3.5% in after-hours trading. Musk said the company's robotaxi service, which is available in Austin, Texas, and San Francisco, will roll out to as many as 10 other metro areas by the end of the year.
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