Fri. Jun 21st, 2024

Mark Cuban, the billionaire businessman known for his role on Shark Tank, has announced that he won’t be returning to the ABC series after the upcoming 16th season. Speaking on the All the Smoke podcast, the 65-year-old entrepreneur expressed that he believes it’s time to move on, marking 15 years on the show.

Mark Cuban revealed he’s leaving Shark Tank

Mark Cuban, who initially appeared as a guest in season 2 before joining full-time in the third season, revealed his decision to host Matt Barnes and Stephen Jackson, emphasizing “it’s time.” Cuban said, “This is our 15th year, and next year, our 16th year, is gonna be my last year,” he added, “so I got one more year to go.” Grateful for the show’s impact, Cuban acknowledged its role in promoting the American dream.

“I love it because it sends the message the American dream is alive and well,” The Dallas Mavericks owner shared. Reflecting on his time as a Shark, Cuban imparted key lessons for entrepreneurs, noting that a compelling business pitch is more crucial than an elaborate backstory.

“The harder they have to try to sell, the worse the deal. The longer the backstory, the worse the deal. Meaning, the minute you start telling me how hard it was for you? It’s hard for every motherf—ing entrepreneur,” the billionaire added. “I don’t need to hear your backstory. Tell me about your business tell me why you are going to be successful. Tell me what’s different about it. Tell me how you stand out.”

Cuban, who invests in numerous companies through the show, concluded the message by saying,  “I look for ideas [where I’m] like, ‘Damn, why didn’t I think of that?'”  This decision to step away from Shark Tank isn’t entirely new. Last year, Cuban had committed to returning for season 15 but expressed uncertainty beyond that.

 

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Mark Cuban explained the reason behind his departure from Shark Tank

“I committed to come back for season 15 next year,” he told PEOPLE last year.”But after that, you know, I don’t know yet.” The entrepreneur emphasized that, while he loves the show, family commitments take precedence, especially as his daughter is now in college.

“My daughter’s in college now … when they were all in high school, all their schedules aligned. And so it was really easy to do the show,” he explained at the time to PEOPLE. “But now, you know, family first, always. And so I wanted to try to make sure I spent as much time with my daughter as I can, and my family as I can.”

Shark Tank, the popular reality series where entrepreneurs pitch their business ideas to a panel of investors, airs on ABC Fridays at 8 p.m. ET.

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