Uber Technologies Inc., founded in 2009, pioneered worldwide ride-sharing, food delivery, and freight transport. American businessmen Travis Kalanick and Garett Camp established the company and sought early-stage investors. Dallas Mavericks owner Mark Cuban and comedian Kevin Hart had the opportunity to invest in the start-up, but both missed out. Cuban revealed his $5 million fumble on Hart to Heart, as Uber is now worth $95.5 billion.
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Kevin Hart and Mark Cuban, famous investors from Shark Tank, funded several companies. It’s interesting how they both regret not investing in Uber, despite being fans of different basketball teams, with Hart supporting the Philadelphia 76ers and Cuban owning the Mavs.
Kevin Hart and Mark Cuban regret not investing in Uber in its initial investment rounds
Kevin Hart and Mark Cuban, iconic cultural figures in the United States, have made their mark in their respective fields. During an interaction, Kevin Hart disclosed his initial skepticism about investing in Uber to Cuban.
In the early 2000s, the concept of Uber was revolutionary and unheard of. Troy Carter, the talent manager of Shark Tank, proposed investing in Uber. However, Hart wasn’t comfortable with using an app to get rides from strangers.
“Troy Carter tells me, he’s like ‘Kev, there’s this thing man, it’s called Uber. You gotta invest in it. Listen, it’s easy to understand, right? It’s basically like strangers giving, like, people they don’t know rides, like people can call on other people for rides.’ I was like ‘What?’ He was like, ‘People can just-There’s an app, and you say you need a ride, whoever’s close to you, that is like one of the drivers under our app will come and get you.’ I was like, ‘Sounds like Murderville to me.'”
Kevin Hart initially considered the idea ‘stupid’ and failed to grasp its potential. He had the chance to invest $50,000 to $250,000, which could have been worth billions today. Similarly, Mark Cuban had a similar experience with investing in Uber. He wasn’t satisfied with some aspects of the concept and suggested changes to founder Travis Kalanick.
“I still got the emails. I love it. But yeah, the valuation then of like $10 million and I said I would do it at $5 million for Uber. Never came back to me. So don’t feel bad.”
Mark Cuban proposed budget changes for Uber, but Travis and the other founders declined his $5 million offer. Both Cuban and Kevin Hart still regret not accepting the opportunity, as it could have increased their net worth by billions.
Cuban is a seasoned investor and has reaped immense benefits from his investment ventures
Mark Cuban, a genius investor, has gained immense benefits from investing in nascent companies. His presence on Shark Tank has made him a prominent TV personality, extending his influence beyond the business world. One of his notable investments was acquiring a majority stake in the NBA franchise Dallas Mavericks. This move, coupled with having talented players like Luka Doncic and Kyrie Irving on his team, solidified him as a capable franchise owner.
Mark Cuban always advises his fans to thoroughly understand their potential investments and cautions against reactive buying and selling with his famous quote, ‘Do Nothing.’ His investments of approximately $19.85 million in Shark Tank companies have yielded great returns in the long run.
