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.

Business

Thanksgiving Food Prices Sink as Americans Scale Down Their Feasts
Economy
Thanksgiving Food Prices Sink as Americans Scale Down Their Feasts

Turkey prices are sinking as the pandemic may keep some American families from hosting big groups this Thanksgiving. The price of ingredients in a traditional turkey dinner for 10 people is down to the lowest level in a decade, driven largely by grocers discounting the meal's centerpiece to... Read More

Over Half of Americans Still Plan Thanksgiving Travel Amid COVID Concerns, Report Says
Opinion Polls
Over Half of Americans Still Plan Thanksgiving Travel Amid COVID Concerns, Report Says

As health officials warn of the risks of Thanksgiving travel, more than half of Americans still plan to venture away from home, according to a new survey. The website Tripadvisor says 56% of people intend to take trips for the holiday this year, despite the coronavirus pandemic, a... Read More

Airlines Say Thanksgiving Demand is Faltering as CDC Warns Americans Not to Travel
Travel
Airlines Say Thanksgiving Demand is Faltering as CDC Warns Americans Not to Travel

DALLAS — Three of the biggest U.S. airlines say demand is weakening for the usually busy Thanksgiving period as the CDC cautioned Americans against traveling for the holiday. United Airlines, Southwest Airlines and American Airlines said Thursday that they have seen an increase in cancellations and a decrease in new bookings as a surge in COVID-19 cases... Read More

Pfizer Plans Filing as Its COVID-19 Vaccine Proves 95% Effective
Health
Pfizer Plans Filing as Its COVID-19 Vaccine Proves 95% Effective

Pfizer Inc. said a final analysis of clinical trial data showed its COVID-19 vaccine was 95% effective, paving the way for the company to apply this week for the first U.S. regulatory authorization for a coronavirus shot. The U.S. drugmaker and partner BioNTech SE said their vaccine protected people of all ages and... Read More

EU Auditors: Antitrust Probes Too Slow to Curb Tech Giants
European Union
EU Auditors: Antitrust Probes Too Slow to Curb Tech Giants

LONDON (AP) — The EU's efforts to rein in the power of big tech companies such as Google and Facebook through antitrust investigations have taken too long, dulling their effectiveness, a report said Thursday. Legal tools available to the bloc's competition regulators, meanwhile, have not kept... Read More

FAA Clears Boeing 737 Max to Fly Again
Business
FAA Clears Boeing 737 Max to Fly Again

After nearly two years and a pair of deadly crashes, U.S. Federal Aviation Administration has cleared Boeing’s 737 Max for flight. The nation’s air safety agency announced the move early Wednesday, saying it was done after a “comprehensive and methodical” 20-month review process. Regulators around the... Read More

News From The Well
scroll top