Mark Cuban, owner of the Dallas Mavericks, star of Shark Tank, and business magnate, has deemed companies who have “gone woke is good business.” Despite Bud Light and Target’s serious financial troubles after embracing wokeness, the billionaire claimed that business managers know that the news cycle won’t allow for any permanent damage to these companies. Cuban also said companies are doing this to show they care about their consumers and cater to their needs. However, the companies that have decided to go woke are still suffering the negative effects of their choices to alienate the majority of American citizens.
NEW YORK POST: Mark Cuban claims companies like Target, Bud Light going ‘woke’ is just ‘good business’
By Lindsay Kornick; June 13, 2023
Billionaire “Shark Tank” star Mark Cuban said companies embracing “woke” ideology is just “good business,” pushing back against those who say it’s adversely affecting their bottom lines.
In an interview with the Pittsburgh Post-Gazette on Sunday, the Dallas Mavericks owner spoke about the ongoing backlash against companies like Anheuser-Busch and the Target Corporation for promoting LGBTQ+ ideologies in their brands.
Since promoting what many consider “woke” agendas, both companies have suffered massive losses worth billions of dollars.
While experts and industry insiders have suggested that invoking politics led to this downturn, Cuban insisted that embracing wokeness is a positive trait.
“There is a reason almost all the top ten market cap companies in the US can be considered ‘woke.’ It’s good business,” he said.
Since Bud Light’s apparent partnership with transgender influencer Dylan Mulvaney was revealed in April, the company has seen a 23.9% decrease in sales on a dollar basis compared to a year ago.
Fox Business also reported that the Anheuser-Busch-owned brand’s sales fell by 24.5% in the past four weeks alone.
The Target Corporation’s market cap also lost billions of dollars since the company began displaying LGBTQ+ and Pride Month advertisements and products including “tuck-friendly” women’s swimsuits.
On Friday, Fox Business reported that Target’s stock fell by roughly 3.1% within the last five days and approximately 18.5% in the last month.
Cuban, however, insisted that this “dip” was “meaningless” and unlikely due to individual stockholders taking action following the controversy.
“First a dip in market cap is meaningless,” Cuban said. “You have to realize that there aren’t many individual owners of stocks — almost all ownership is via funds, and most trading is quantitative. So, it’s not like the drop is because tens of thousands of individual holders sold their stocks.”
According to the Post-Gazette, Cuban suggested the new focus on woke politics could be because companies know “people want to do business with companies that care about their customers,” a quality that is “an American trait he says reflects who we are as a country.”
Despite Cuban’s insistence, other commentators and business owners have warned that companies embracing woke politics has been a huge mistake.
“[Demand for Bud Light] has plummeted completely. No one wants it at their event anymore,” Catarina Tucker, the founder of Barnastics, told Fox News Digital. “There are a couple clients that have expressed to me their feelings behind it, and it’s no longer popular.”
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