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‘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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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.
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