Tesla sinks after cutting 7% of its workforce. Five experts weigh in on what’s next

Five experts weigh in on whether it’s a challenge Musk and Tesla can overcome:· Oppenheimer managing director Colin Rusch agrees with Jed Dorsheimer on Tesla’s job cuts, but isn’t bullish on what they’ll accomplish. The other thing that we think they’re going to end up doing is ramping up this factory in China, we think people are going to get bullish on that.” · Needham’s Raji Gil thinks that Tesla may have overestimated how many people can actually afford a high-end electric vehicle. I think t


Five experts weigh in on whether it’s a challenge Musk and Tesla can overcome:· Oppenheimer managing director Colin Rusch agrees with Jed Dorsheimer on Tesla’s job cuts, but isn’t bullish on what they’ll accomplish. The other thing that we think they’re going to end up doing is ramping up this factory in China, we think people are going to get bullish on that.” · Needham’s Raji Gil thinks that Tesla may have overestimated how many people can actually afford a high-end electric vehicle. I think t
Tesla sinks after cutting 7% of its workforce. Five experts weigh in on what’s next Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-18  Authors: tyler bailey, natalie zhang, qilai shen, bloomberg, getty images, david paul morris, patrick t fallon, philippe huguen, afp, kcna
Keywords: news, cnbc, companies, whats, vehicle, think, version, tesla, sinks, theyre, rusch, going, weigh, market, cutting, experts, model, teslas, workforce


Tesla sinks after cutting 7% of its workforce. Five experts weigh in on what's next

Tesla shares took a big hit to end the week after CEO Elon Musk announced that the company would cut 7 percent of its workforce in order to cut costs as the company prepares to ramp up production and boost margins as they get closer to releasing the long-awaited $35,000 version of the Model 3.

Musk says Tesla faces “an extremely difficult challenge” in making their products a competitive alternative to traditional vehicles, adding that he expects Q4 profit to come in significantly lower than Q3.

Five experts weigh in on whether it’s a challenge Musk and Tesla can overcome:

· Oppenheimer managing director Colin Rusch agrees with Jed Dorsheimer on Tesla’s job cuts, but isn’t bullish on what they’ll accomplish. “This reduction in force should have been anticipated. This is very similar to what we saw on the front end of the Model S, where they had some aggressive hiring and additional staff to make the ramp successful. Today, we’re seeing them pare back the headcount in the same way…” Rusch also says that even though there is a “real market of size” for the current iteration of the Model 3, it’s not enough to keep Tesla growing. “For them to see the growth that’s expected by the Street, they do need to get the price down to $35,000. I see that as an extraordinarily difficult thing for them to accomplish, I actually don’t think they will accomplish that.”

· Canaccord Genuity’s Jed Dorsheimer thinks the workforce cut is just fine, calling it “clean-up” after the company’s latest push to ramp up Model 3 production came with a wealth of new hires. “It’s not a huge surprise to see this,” Dorsheimer observes. “Obviously you never want to see a growth company cutting staff like this, but we’re not overly concerned.” Right now, he sees a scenario where Tesla’s Q4 numbers could be great even with a lower-than-expected EPS result. “They cleared out a fair amount of inventory in the fourth quarter, so they cash flow number we think can surprise to the upside still, even with a lower EPS number. The other thing that we think they’re going to end up doing is ramping up this factory in China, we think people are going to get bullish on that.”

· “They’re certainly in a better position than they were eight or nine months ago,” says ROTH Capital’s Craig Irwin. “Where we’re going to see pressure on the stock today is the ‘copy-paste’ expectations of Q3 going through 2019 need to be reset…” But even though Tesla might be healthier now than at this point in 2018, the challenges in front of them are many. “We’re early days in who’s going to win this war in electric vehicles, and you’ve got a lot of new entrants coming in, and so it’s tough to pick the winner right now.”

· Needham’s Raji Gil thinks that Tesla may have overestimated how many people can actually afford a high-end electric vehicle. “Clearly, in my mind, they have an issue with demand,” says Rusch, ” If you do the math… you have to conclude that 90 percent of the reservations that have been built up over the past couple of years are folks that wanted the standard battery version of the vehicle, which is $35,000.” That version does not yet exist, and with the Federal EV tax credit being phased out, Rusch says time could be running out for Tesla to deliver their as-yet mythical car. “Once the credit starts to expire and we go into Q1 and Q2, and they cannot produce the cheaper version of the vehicle in time, do we see a pick-up in cancellations?”

· Westly Group founder Steve Westly loves where Elon Musk’s company is right now, calling Tesla “the iPhone of electric vehicles,” and saying they’re well ahead of the game when it comes to a quickly-changing auto market. “Virtually every automaker in virtually every country in the world is moving all-electric, and Tesla’s frankly in the pole position. They’re winning,” he says. “The challenge now is, after they’ve really won the high-end market in the U.S., how quickly can they go international? I think they’re very well-positioned for that… and how quickly can they get to that mass market $35,000 vehicle with a 250-mile range? I think Tesla’s going to win that race.”


Company: cnbc, Activity: cnbc, Date: 2019-01-18  Authors: tyler bailey, natalie zhang, qilai shen, bloomberg, getty images, david paul morris, patrick t fallon, philippe huguen, afp, kcna
Keywords: news, cnbc, companies, whats, vehicle, think, version, tesla, sinks, theyre, rusch, going, weigh, market, cutting, experts, model, teslas, workforce


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Snap Inc. is a negative, says strategist

Snap Inc. is a negative, says strategist3 Hours AgoCNBC’s “Power Lunch” team breaks down what’s happening to Snap Inc. shares with Stacey Gilbert of Susquehanna and Erin Gibbs of S&P Global.


Snap Inc. is a negative, says strategist3 Hours AgoCNBC’s “Power Lunch” team breaks down what’s happening to Snap Inc. shares with Stacey Gilbert of Susquehanna and Erin Gibbs of S&P Global.
Snap Inc. is a negative, says strategist Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-16
Keywords: news, cnbc, companies, susquehanna, team, whats, snap, power, sp, strategist3, strategist, stacey, shares, negative


Snap Inc. is a negative, says strategist

Snap Inc. is a negative, says strategist

3 Hours Ago

CNBC’s “Power Lunch” team breaks down what’s happening to Snap Inc. shares with Stacey Gilbert of Susquehanna and Erin Gibbs of S&P Global.


Company: cnbc, Activity: cnbc, Date: 2019-01-16
Keywords: news, cnbc, companies, susquehanna, team, whats, snap, power, sp, strategist3, strategist, stacey, shares, negative


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Trump White House Clemson dinner: Successful people who eat fast food

On Monday night, President Donald Trump welcomed to the White House the reigning champs of college football, the Clemson Tigers, with a banquet of McDonald’s, Wendy’s, Burger King and Domino’s. The hamburgers and Filet-O-Fish sandwiches (still in their packaging), french fries, Chicken McNuggets, pizzas, salads and an array of dipping sauces were neatly presented on silver platters. “We have 300 hamburgers, many, many french fries, all of our favorite foods,” Trump told the Clemson players in a


On Monday night, President Donald Trump welcomed to the White House the reigning champs of college football, the Clemson Tigers, with a banquet of McDonald’s, Wendy’s, Burger King and Domino’s. The hamburgers and Filet-O-Fish sandwiches (still in their packaging), french fries, Chicken McNuggets, pizzas, salads and an array of dipping sauces were neatly presented on silver platters. “We have 300 hamburgers, many, many french fries, all of our favorite foods,” Trump told the Clemson players in a
Trump White House Clemson dinner: Successful people who eat fast food Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-15  Authors: sarah berger, pool, getty images
Keywords: news, cnbc, companies, clemson, dinner, white, eat, trump, food, whats, fast, french, wendys, house, fries, successful, welcomed, hamburgers


Trump White House Clemson dinner: Successful people who eat fast food

On Monday night, President Donald Trump welcomed to the White House the reigning champs of college football, the Clemson Tigers, with a banquet of McDonald’s, Wendy’s, Burger King and Domino’s. The hamburgers and Filet-O-Fish sandwiches (still in their packaging), french fries, Chicken McNuggets, pizzas, salads and an array of dipping sauces were neatly presented on silver platters.

“We have 300 hamburgers, many, many french fries, all of our favorite foods,” Trump told the Clemson players in a video captured by the Associated Press. “I want to see what’s here when we leave, because I don’t believe there’s going to be much.”

Traditionally the White House would cater such a feast, but with the government shutdown, much of the President’s kitchen staff has been furloughed, so Trump paid $3,000 out of his own pocket for the spread, according to Trump and to Sarah Huckabee Sanders.


Company: cnbc, Activity: cnbc, Date: 2019-01-15  Authors: sarah berger, pool, getty images
Keywords: news, cnbc, companies, clemson, dinner, white, eat, trump, food, whats, fast, french, wendys, house, fries, successful, welcomed, hamburgers


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Brexit’s high noon has arrived and it spells danger for currency traders

Her high-stakes parliamentary vote on her Brexit plans is due later on Tuesday and the outcomes vary wildly from soaring success to complete political collapse. Currency traders lie in wait, hoping not to be caught on the wrong side of a sterling trade that could whip wildly in either direction as the debate rages and the votes roll in. It could be a late night in the City of London and thin trade from other regions of the world could exasperate matters. The consensus expects defeat for May and


Her high-stakes parliamentary vote on her Brexit plans is due later on Tuesday and the outcomes vary wildly from soaring success to complete political collapse. Currency traders lie in wait, hoping not to be caught on the wrong side of a sterling trade that could whip wildly in either direction as the debate rages and the votes roll in. It could be a late night in the City of London and thin trade from other regions of the world could exasperate matters. The consensus expects defeat for May and
Brexit’s high noon has arrived and it spells danger for currency traders Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-15  Authors: matt clinch, sopa images, lightrocket, getty images
Keywords: news, cnbc, companies, noon, brexit, sterling, brexits, world, traders, wildly, high, currency, arrived, trade, wrong, whip, danger, vote, risk, spells, whats


Brexit's high noon has arrived and it spells danger for currency traders

U.K. Prime Minister Theresa May’s ultimate showdown has finally arrived.

Her high-stakes parliamentary vote on her Brexit plans is due later on Tuesday and the outcomes vary wildly from soaring success to complete political collapse.

Currency traders lie in wait, hoping not to be caught on the wrong side of a sterling trade that could whip wildly in either direction as the debate rages and the votes roll in. It could be a late night in the City of London and thin trade from other regions of the world could exasperate matters.

“Sterling liquidity in Asia is limited and as such there is a risk that even if a no vote is assumed that does not preclude sterling selling off, impacted by headline risk,” Jeremy Stretch, the head of G-10 foreign exchange strategy at CIBC Capital Markets, told CNBC via email.

The consensus expects defeat for May and her Brexit proposals but what’s crucial is by how much. She needs the backing of 320 lawmakers, more than half of the 639 that vote in Parliament.


Company: cnbc, Activity: cnbc, Date: 2019-01-15  Authors: matt clinch, sopa images, lightrocket, getty images
Keywords: news, cnbc, companies, noon, brexit, sterling, brexits, world, traders, wildly, high, currency, arrived, trade, wrong, whip, danger, vote, risk, spells, whats


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There are a ton of buy and sell calls from Wall Street on Wednesday. Here are the biggest

The firm also raised its price target from $92 to $95, representing a 25 percent rally from here, on optimism about the sneaker maker’s online sales expansion. “Q2 an impressive beat but we are more impressed by what’s coming ahead in terms of digital and how it affects Nike’s model…After years of investments and a decade of stable margins, Nike could be at brink of multi-year margin expansion story,” the note stated. “With management thinking that its target for digital to reach 30% by 2023 i


The firm also raised its price target from $92 to $95, representing a 25 percent rally from here, on optimism about the sneaker maker’s online sales expansion. “Q2 an impressive beat but we are more impressed by what’s coming ahead in terms of digital and how it affects Nike’s model…After years of investments and a decade of stable margins, Nike could be at brink of multi-year margin expansion story,” the note stated. “With management thinking that its target for digital to reach 30% by 2023 i
There are a ton of buy and sell calls from Wall Street on Wednesday. Here are the biggest Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-09  Authors: john melloy
Keywords: news, cnbc, companies, ton, sales, investments, biggest, calls, valuation, online, buy, wall, whats, street, margin, digital, target, nike, visible, sell


There are a ton of buy and sell calls from Wall Street on Wednesday. Here are the biggest

The firm also raised its price target from $92 to $95, representing a 25 percent rally from here, on optimism about the sneaker maker’s online sales expansion.

“Q2 an impressive beat but we are more impressed by what’s coming ahead in terms of digital and how it affects Nike’s model…After years of investments and a decade of stable margins, Nike could be at brink of multi-year margin expansion story,” the note stated.

“With management thinking that its target for digital to reach 30% by 2023 is likely low and mentioning that eventually online sales could exceed 50% of its business, we see this as a margin game-changer. Indeed, heavy investments have been made in platforms and data analytics, and we believe that returns are now bound to start being more visible,” added the analyst.

(Separately Nike was downgraded by Baird on concerns about valuation.)


Company: cnbc, Activity: cnbc, Date: 2019-01-09  Authors: john melloy
Keywords: news, cnbc, companies, ton, sales, investments, biggest, calls, valuation, online, buy, wall, whats, street, margin, digital, target, nike, visible, sell


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AT&T shares stumble after rivals T-Mobile, Verizon pick up new subscribers

T-Mobile announced Wednesday that it added 2.4 million subscribers in the fourth quarter, crushing analysts’ expectations of 857,000. Verizon also had a standout fourth quarter, and said Wednesday it added 650,000 new customers — well above analysts’ expectations of 355,600. In fact, we hired more than 20,000 new employees last year and more than 17,000 the year before,” AT&T told CNBC in a statement. “In cases where we do have to adjust our workforce, we take steps to lessen the effect on emplo


T-Mobile announced Wednesday that it added 2.4 million subscribers in the fourth quarter, crushing analysts’ expectations of 857,000. Verizon also had a standout fourth quarter, and said Wednesday it added 650,000 new customers — well above analysts’ expectations of 355,600. In fact, we hired more than 20,000 new employees last year and more than 17,000 the year before,” AT&T told CNBC in a statement. “In cases where we do have to adjust our workforce, we take steps to lessen the effect on emplo
AT&T shares stumble after rivals T-Mobile, Verizon pick up new subscribers Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-09  Authors: kate rooney, kena betancur, afp, getty images
Keywords: news, cnbc, companies, yearwatch, streaming, shares, rivals, att, pick, tmobile, analysts, verizon, whats, subscribers, fourth, workforce, quarter, expectations, added, stumble


AT&T shares stumble after rivals T-Mobile, Verizon pick up new subscribers

T-Mobile announced Wednesday that it added 2.4 million subscribers in the fourth quarter, crushing analysts’ expectations of 857,000. Verizon also had a standout fourth quarter, and said Wednesday it added 650,000 new customers — well above analysts’ expectations of 355,600.

AT&T is also reportedly preparing for a “significant round of layoffs,” according to a report by Vice News, which cited internal documents obtained by the news outlet.

“We are hiring to meet the needs of the growth areas of our business. In fact, we hired more than 20,000 new employees last year and more than 17,000 the year before,” AT&T told CNBC in a statement. “In cases where we do have to adjust our workforce, we take steps to lessen the effect on employees.”

The company is in the midst of shifting from phones to an emphasis on streaming after its acquisition of Time Warner. What’s now being called WarnerMedia is planning to release a streaming service later this year.

WATCH: Verizon CEO on 5G


Company: cnbc, Activity: cnbc, Date: 2019-01-09  Authors: kate rooney, kena betancur, afp, getty images
Keywords: news, cnbc, companies, yearwatch, streaming, shares, rivals, att, pick, tmobile, analysts, verizon, whats, subscribers, fourth, workforce, quarter, expectations, added, stumble


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CES 2019 preview — 5 cool products not to miss

Here are 5 cool things we’ve already seen at the year’s biggest tech show2 Hours AgoThe Consumer Electronics Show 2019 floor opens on Tuesday morning, but CNBC’s Todd Haselton got a glimpse of what’s coming at a preview event named CES Unveiled on Sunday evening. So far, we’ve seen an Alexa-enabled mirror, a smart suitcase, a language-translating earpiece and a smart skateboard.


Here are 5 cool things we’ve already seen at the year’s biggest tech show2 Hours AgoThe Consumer Electronics Show 2019 floor opens on Tuesday morning, but CNBC’s Todd Haselton got a glimpse of what’s coming at a preview event named CES Unveiled on Sunday evening. So far, we’ve seen an Alexa-enabled mirror, a smart suitcase, a language-translating earpiece and a smart skateboard.
CES 2019 preview — 5 cool products not to miss Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-07
Keywords: news, cnbc, companies, skateboard, 2019, ces, unveiled, preview, products, things, weve, tech, seen, whats, miss, suitcase, smart, cool, todd


CES 2019 preview — 5 cool products not to miss

Here are 5 cool things we’ve already seen at the year’s biggest tech show

2 Hours Ago

The Consumer Electronics Show 2019 floor opens on Tuesday morning, but CNBC’s Todd Haselton got a glimpse of what’s coming at a preview event named CES Unveiled on Sunday evening. So far, we’ve seen an Alexa-enabled mirror, a smart suitcase, a language-translating earpiece and a smart skateboard.


Company: cnbc, Activity: cnbc, Date: 2019-01-07
Keywords: news, cnbc, companies, skateboard, 2019, ces, unveiled, preview, products, things, weve, tech, seen, whats, miss, suitcase, smart, cool, todd


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New year, new you: Fitness trends for 2019

New Year, New You: Fitness trends for 2019 3:32 PM ET Wed, 2 Jan 2019 | 26:23Wellness, fitness, nutrition – all of it is getting a makeover in this age of mobile tech. Now you can book doctor appointments on an app, get your blood drawn and the results back in 20 minutes. You can give your doctor access to your genetic code and get truly personalized service. To kick off the year, Jon Fortt sits down with CNBC reporters Chrissy Farr and Diana Olick. It’s the artist formerly known as Weight Watch


New Year, New You: Fitness trends for 2019 3:32 PM ET Wed, 2 Jan 2019 | 26:23Wellness, fitness, nutrition – all of it is getting a makeover in this age of mobile tech. Now you can book doctor appointments on an app, get your blood drawn and the results back in 20 minutes. You can give your doctor access to your genetic code and get truly personalized service. To kick off the year, Jon Fortt sits down with CNBC reporters Chrissy Farr and Diana Olick. It’s the artist formerly known as Weight Watch
New year, new you: Fitness trends for 2019 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-07  Authors: jonathan kim, jon fortt
Keywords: news, cnbc, companies, trends, 2019, watchers, ww, doctor, truly, fitness, whats, weight, youbut


New year, new you: Fitness trends for 2019

New Year, New You: Fitness trends for 2019 3:32 PM ET Wed, 2 Jan 2019 | 26:23

Wellness, fitness, nutrition – all of it is getting a makeover in this age of mobile tech.

Now you can book doctor appointments on an app, get your blood drawn and the results back in 20 minutes. You can give your doctor access to your genetic code and get truly personalized service.

Your stationary bike can connect to the Internet to motivate you.

But how much is too much? And what are the best services to check out?

To kick off the year, Jon Fortt sits down with CNBC reporters Chrissy Farr and Diana Olick. He is also joined by WW CEO Mindy Grossman. What’s WW? It’s the artist formerly known as Weight Watchers.


Company: cnbc, Activity: cnbc, Date: 2019-01-07  Authors: jonathan kim, jon fortt
Keywords: news, cnbc, companies, trends, 2019, watchers, ww, doctor, truly, fitness, whats, weight, youbut


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What’s next for media in 2019 as Apple, Disney, AT&T and more jump into the streaming business

With Disney expected to finalize its Fox deal shortly, Comcast focused on Sky and AT&T integrating Warner Media, the new group of giants has its hands full. And the companies that don’t have the scale to create a Netflix rival, as AT&T and Disney do, will increasingly focus on supplying Netflix and Amazon. Netflix and Amazon need that content because of the transformation of Disney and Warner Bros. from suppliers into rivals this year. And when it comes to picking and choosing, the traditional T


With Disney expected to finalize its Fox deal shortly, Comcast focused on Sky and AT&T integrating Warner Media, the new group of giants has its hands full. And the companies that don’t have the scale to create a Netflix rival, as AT&T and Disney do, will increasingly focus on supplying Netflix and Amazon. Netflix and Amazon need that content because of the transformation of Disney and Warner Bros. from suppliers into rivals this year. And when it comes to picking and choosing, the traditional T
What’s next for media in 2019 as Apple, Disney, AT&T and more jump into the streaming business Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-04  Authors: julia boorstin, jeff kravitz, filmmagic, getty images, david paul morris, bloomberg
Keywords: news, cnbc, companies, netflix, 2019, business, apple, services, whats, att, content, competition, consumers, streaming, warner, disney, media, jump, traditional, companies, tv


What's next for media in 2019 as Apple, Disney, AT&T and more jump into the streaming business

Megadeals will take a breather this year after 2018 marked massive consolidation. With Disney expected to finalize its Fox deal shortly, Comcast focused on Sky and AT&T integrating Warner Media, the new group of giants has its hands full.

Amazon, as it quickly scales its Hollywood presence, is likely to look at the remaining independent studios. But there’s no decisive need for the tech giants to buy a studio, in light of their ability to license content.

However, we could see exceptions in two key areas.

First, once Shari Redstone lands on a permanent CEO for CBS, she could push forward a merger of CBS and Viacom this year. And second, in the advertising world, look to ad agency holding companies to engage in deal making as their business gets squeezed by both consulting firms and programmatic ad platforms.

But when it comes to the smaller players media players, this year they’re likely to stick it out alone as they feel the pinch of their bigger rivals getting bigger. Discovery will double down on its niche services to lock in super fans of sports such as golf. And the companies that don’t have the scale to create a Netflix rival, as AT&T and Disney do, will increasingly focus on supplying Netflix and Amazon.

Netflix and Amazon need that content because of the transformation of Disney and Warner Bros. from suppliers into rivals this year. The corresponding pullback on licensing deals will bolster their own coffers and ability to produce more original content. Netflix will face real competition and consumers will be pushed to make tough choices.

This year, Netflix will face its first direct competition, from Disney+ and AT&T’s new service. Add to that the potential for a recession, and many consumers will start picking and choosing between the various streaming services. Will Disney+ cannibalize Netflix’s subscriber base thanks to cheaper pricing? Probably not, as the services will be quite different at first. But if the U.S. heads into recession, something has to give. Even if consumers swap the full TV bundle for a skinny offering, how many additional subscriptions can they maintain? Probably just a few. And that threat of overloaded consumers sticking with the one or two services that really provide value is what’s going to drive competition for content.

And when it comes to picking and choosing, the traditional TV bundle will lose more subscribers to skinny bundles. Expect traditional carriers such as Charter, Spectrum and Dish to suffer subscriber losses from blackouts. And blackouts are only going to become more prevalent. Cable companies can’t justify paying more, especially for second-tier channels. Content companies want to either secure higher rates, or convert viewers over to their own streaming services, which provide both higher profits and valuable data. HBO’s months-long blackout on Dish Networks is ongoing, and Spectrum subscribers are still unable to access Tribune channels after a New Year’s eve blackout.


Company: cnbc, Activity: cnbc, Date: 2019-01-04  Authors: julia boorstin, jeff kravitz, filmmagic, getty images, david paul morris, bloomberg
Keywords: news, cnbc, companies, netflix, 2019, business, apple, services, whats, att, content, competition, consumers, streaming, warner, disney, media, jump, traditional, companies, tv


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Mark Cuban on buying the Mavs: ‘I did it because I love basketball’

It’s been 19 years since billionaire Mark Cuban bought NBA team the Dallas Mavericks. For $280 million, Cuban became the majority stakeholder in the professional Texas basketball team in 2000, and his motives had nothing to with money. I did it because I love basketball,” Cuban, 60, tells CNBC Make It on Friday. When he first became the owner of the team, Cuban knew he had a lot to learn. Let’s see how things are operating and what’s working and what’s not working,” Cuban says in 2000.


It’s been 19 years since billionaire Mark Cuban bought NBA team the Dallas Mavericks. For $280 million, Cuban became the majority stakeholder in the professional Texas basketball team in 2000, and his motives had nothing to with money. I did it because I love basketball,” Cuban, 60, tells CNBC Make It on Friday. When he first became the owner of the team, Cuban knew he had a lot to learn. Let’s see how things are operating and what’s working and what’s not working,” Cuban says in 2000.
Mark Cuban on buying the Mavs: ‘I did it because I love basketball’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-04  Authors: catherine clifford, photo nathaniel s butler
Keywords: news, cnbc, companies, lets, nba, basketball, 2000, working, whats, mavs, cuban, team, love, things, buying, tells, focus, mark


Mark Cuban on buying the Mavs: 'I did it because I love basketball'

It’s been 19 years since billionaire Mark Cuban bought NBA team the Dallas Mavericks.

For $280 million, Cuban became the majority stakeholder in the professional Texas basketball team in 2000, and his motives had nothing to with money.

“Never crossed my mind as an investment. I did it because I love basketball,” Cuban, 60, tells CNBC Make It on Friday.

Indeed, the star of ABC’s “Shark Tank” recently shared a 10-minute clip of interviews he did at the time.

“I love the Mavericks,” he says in a 2000 interview. “I am just a huge Mavericks fan. And I have just been blessed and put in a position where I can contribute.”

He was all in: “This is a business, but it is a business that I am willing to commit as much money as it takes. Whatever energy, funding, to make this team successful,” a 41-year-old Cuban says in the clip.

When he first became the owner of the team, Cuban knew he had a lot to learn.

“If you look at winning teams in the NBA, there has been a level of continuity to all of them. So, my focus is not going to be okay let’s go in there and make immediate changes, my focus is going to be, let’s go in there and learn. Let’s see how things are operating and what’s working and what’s not working,” Cuban says in 2000.

It was the first private company he did not found himself that he invested in, he tells CNBC Make It.

“Just like Broadcast.com and other businesses before that, it is time to go to work,” Cuban said in 2000. “And it’s time to really focus on the things I need to do and first is learning, getting fans into the arena and getting people excited and I think we are making significant progress there.”


Company: cnbc, Activity: cnbc, Date: 2019-01-04  Authors: catherine clifford, photo nathaniel s butler
Keywords: news, cnbc, companies, lets, nba, basketball, 2000, working, whats, mavs, cuban, team, love, things, buying, tells, focus, mark


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