Mark Cuban Admits: 'I've Gotten Beat' After Losing $20 Million On Shark Tank Startups

Mark Cuban, the billionaire entrepreneur and longtime investor on Shark Tank, has spoken about his financial losses on the show. Despite investing nearly $20 million in various startups, Cuban admitted during a 2022 appearance on the Full Send Podcast that he hasn't made a profit from his Shark Tank investments.

Cuban was candid when asked if he was financially "up" overall. "Oh no, I've gotten beat," he said. Among his losses was Breathometer, a smartphone Breathalyzer startup Cuban labeled his biggest failure. The company earned backing from all five sharks, including Cuban, Lori Greiner and Kevin O'Leary, making it a standout deal.

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"It was a great idea and actually a decent product," Cuban recalled during the podcast. However, he noted that the company's founder, Charles Michael Yim, spent more time on lavish trips to Bora Bora and Vegas than on improving the product. Cuban even texted Yim, urging him to focus on the business, but Yim dismissed it as "networking." Ultimately, Cuban revealed, "Next thing you know, all the money's gone."

Breathometer's troubles didn't end with poor management. In 2017, the Federal Trade Commission (FTC) determined that the product's blood alcohol readings were often inaccurate. This led to a settlement that required the company to issue refunds for devices sold between 2013 and 2015.

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More Than Just Profits

Cuban's lack of financial success on Shark Tank may surprise fans, but for him, the show has always been about more than making money. "I did 99.99 percent [of it] just because it teaches kids about the power of entrepreneurship," Cuban shared on the Full Send Podcast. He believes Shark Tank demonstrates that the American dream is still alive, inspiring people of all ages to take risks and start businesses.

"If we can inspire young entrepreneurs to come out and do something … that's huge," Cuban said. 

Cuban's Final Season on Shark Tank

After 14 seasons of the show, Shark Tank is ending. Cuban said he is stepping away to spend more time with his family. "I've missed [time with my kids] for so long. Now they're teenagers, I just don't want to miss any more of that time," Cuban explained in an interview with Good Morning America.

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Reflecting on his favorite investments, Cuban pointed to Dude Wipes, a line of personal hygiene products that has grown into a $100 million business. "They're killing it. They're taking over the toilet paper category," he said.

Cuban also acknowledged a missed opportunity with Spikeball, a backyard sports game with significant popularity. "Every time I see it, it just reminds me I missed out," he admitted.

Lessons for Entrepreneurs

For small business owners and aspiring entrepreneurs, Cuban's experiences offer valuable insights. While he has faced his share of failures, he remains optimistic about today’s opportunities. "The economy now is wide-open to businesses," he said on Good Morning America. "There's been more businesses formed every year now than ever before, so the opportunity is there."

Ultimately, Cuban's journey shows that even the most successful investors face setbacks – but those setbacks don't define them. He says, "You only need to be right once."

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