facebook linkedin twitter

Virtual Event Focuses on Leading During a Crisis

April 9, 2020 by Kate Michael
Mark Cuban speaking at an event in Phoenix, Arizona.(Photo by Gage Skidmore)

Billionaire Investor Mark Cuban headlined a virtual discussion hosted by Axios Friday afternoon focused on leading in a crisis, sharing his thoughts on specifically how to lead and work together for social good in the midst of a global pandemic. 

“When you deal with imperfect information, you make imperfect decisions,” said the businessman perhaps best known as owner of the Dallas Mavericks, adding that he would “err on the side of safety every single time.” 

Cuban then pointed to 3M as an example of imperfect decision making.

3M is under fire by many, including the head of Florida’s Division of Emergency Management Jared Moskowitz, who has publicly accused the U.S. mask manufacturer of shipping critical protective equipment to foreign countries who outbid U.S. buyers despite our nation’s own shortage on the frontlines of the pandemic. Moskowitz claims that 3M distribution centers have been quietly prioritizing foreign buyers who offer cash, which pushes down U.S. orders. 

“The president invoked the War Powers Act on them for a very good reason,” he said. “Maybe they can’t solve the [PP&E shortage], but you can’t just ghost the American people. You have to be forthright as a leader. You have to be transparent; you have to be honest; you have to communicate. I think 3M was arrogant.”

On the reverse side, Bank of America and the Las Vegas Sands Casino, were among those companies Cuban called out specifically for their leadership and “stepping up” in this health crisis and time of economic uncertainty. 

Bank of America, though it has had to reduce branch hours at its 4,300 locations, has announced that workers will still be paid for their regular, full schedule and plans to give all branch workers a $200 bonus every two weeks. The Las Vegas Sands has also committed to paying and supporting employees until the pandemic ends. 

For his part, Cuban has guaranteed to pay healthcare and wages for his employees for “as long as [he] needs to.” 

“I’m the luckiest guy in the world,” he said, “but there are a lot of people who have to worry about every dollar. It seemed like the right thing to do… so I’ll continue to pay [employees] as if it’s business as usual

“Effectively, for all businesses, this is a complete reset. [For the NBA], we get a chance to experiment, and that’s what every business should do.” 

Having once vocally considered throwing his hat into the ring for the presidential nomination, the investor has, for now, decided to stick to fostering prospective business ventures that may arise out of current conditions. 

“There will be companies created during the pandemic of 2020 specifically because we had this reset and because it’s a unique opportunity. I’m looking for those right now,” Cuban said.

In The News

Health

Voting

Business

August 5, 2021
by Dan McCue
Biden to Set Goal of 50% Electric Vehicle Sales by 2030

President Joe Biden is expected to announce Thursday that his administration is setting a new national goal for the sale... Read More

President Joe Biden is expected to announce Thursday that his administration is setting a new national goal for the sale of electric vehicles -- wanting half of all new vehicles sold in the U.S. by 2030 to be powered by electricity. The executive order Biden will... Read More

August 2, 2021
by Dan McCue
Survey: Supervisors See Remote Workers As ‘More Easily Replaceable’

Over two-thirds of supervisors who participated in a new poll said they consider employees who work remotely “more easily replaceable,”... Read More

Over two-thirds of supervisors who participated in a new poll said they consider employees who work remotely “more easily replaceable,” than onsite workers at their organization. In addition, the survey found that 62% believe full-time remote work is detrimental to employees’ career objectives and 72% say... Read More

July 28, 2021
by Dan McCue
States to Fight Dismissal of Antitrust Lawsuit Against Facebook

WASHINGTON -- Attorneys general from 45 states, the District of Columbia and Guam served notice on Wednesday that they are... Read More

WASHINGTON -- Attorneys general from 45 states, the District of Columbia and Guam served notice on Wednesday that they are appealing a federal judge’s decision to throw out their antitrust lawsuit against Facebook. “We filed this notice of appeal because we disagree with the court’s decision... Read More

Electrify America to Double EV Charging Stations by 2025

SILVER SPRING, Md. (AP) — Electrify America, an electric vehicle charging network funded with money paid by Volkswagen as punishment... Read More

SILVER SPRING, Md. (AP) — Electrify America, an electric vehicle charging network funded with money paid by Volkswagen as punishment for its emissions cheating scandal, says it plans to more than double its number of charging stations throughout the United States and Canada. The expansion will... Read More

Court Blocks Order Lifting CDC Virus Rules on Cruise Ships

ST. PETERSBURG, Fla. (AP) — Pandemic restrictions on Florida-based cruise ships will remain in place after a federal appeals court... Read More

ST. PETERSBURG, Fla. (AP) — Pandemic restrictions on Florida-based cruise ships will remain in place after a federal appeals court temporarily blocked a previous ruling that sided with a Florida lawsuit challenging the regulations. The one-paragraph decision by a three-judge panel of the 11th U.S. Circuit... Read More

July 15, 2021
by Tom Ramstack
Congress Searches for Way to Make Supply Chains Resilient

WASHINGTON -- The Senate continued its search Thursday for ways to prevent the kind of devastation brought to U.S. supply... Read More

WASHINGTON -- The Senate continued its search Thursday for ways to prevent the kind of devastation brought to U.S. supply chains by COVID-19. Industry executives told a Senate panel the pandemic exposed U.S. dependence on foreign suppliers to keep the lights on for their businesses. As... Read More

News From The Well
scroll top