World famous "shark" Mark Cuban has admitted this month that across his more than 80 investments on the hit show "Shark Tank", he has posted a net loss.
Cuban has been on the show for more than a decade, but admitted last week that his return from the $20 million he's invested in 85 startups has "taken a net loss", according to a CNBC writeup.
“I’ve gotten beat,” Cuban admitted. He called his worst investment deal the Breathometer, which was supposed to be “the world’s first smartphone breathalyzer.”
The inventor, Charles Michael Yim, was able to secure investments from all five sharks, who valued the company at $3.3 million. Yim claimed to have created a smartphone attachment that could act as a breathalyzer.
But instead of working, Yim would be jetsetting and doing Fyre Festival-style "networking" across the globe, Cuban said. The company also ran into trouble when the FTC alleged in 2017 that it misled customers about its ability to accurately measure BAC.
“It was a great product. But, the guy – Charles – I’d look at his Instagram and he’d be in Bora Bora ... Two weeks later, he’d been in [Las] Vegas partying, and then he’d be on Necker Island with Richard Branson. I’d text him, like ‘What the f--- are you doing? You’re supposed to be working,’” Cuban said on the podcast.
“Next thing you know, all of the money’s gone.”
Cuban lamented: “That was my biggest beating.”