Mark Cuban is doubling down on backing DEI, saying it’s boosted his bottom lines – DAVID RAUDALES

DAVID RAUDALES

Businessman, musician / former Full Stack Developer

DAVID RAUDALES UK

Mark Cuban is doubling down on backing DEI, saying it’s boosted his bottom lines

Mark Cuban.

Amanda Stronza/SXSW Conference & Festivals via Getty Images

Mark Cuban says his business experience has convinced him of the benefits of DEI initiatives.”I know DEI is a positive because I see its impact on bottom lines,” Cuban wrote on X.Cuban said he’d stick to his position even if “every single person on Twitter” disagrees with him.

Mark Cuban says his belief in the merits of corporate diversity, equity, and inclusion (DEI) efforts stems from the results he has seen from his business portfolio.

“I own or invest in hundreds of companies. I know DEI is a positive because I see its impact on bottom lines. That’s been reiterated by many CEOs,” Cuban wrote on X, formerly Twitter, on Tuesday.

The billionaire entrepreneur was responding to criticisms from right-wing activist Christopher Rufo and controversial Canadian podcaster Jordan Peterson. Both Rufo and Peterson had chastised Cuban for his support of DEI practices.

But Cuban wasn’t having any of it.

“I’m an entrepreneur and capitalist. I look for results. That’s what I base my decisions on,” Cuban said in his post. “Every single person on Twitter could disagree with me. I would still follow the results I see in my portfolio.”

The businessman also took shots at Rufo and Peterson.

“Christopher and Jordan, you are running your businesses, building a community, and selling to it,” Cuban wrote, referencing the conservative audiences from which the pair draw support.

“I respect your efforts. I may vehemently disagree with your positions, but I respect entrepreneurial grind and always will. But Twitter is not reflective of the real world,” Cuban added.

First of all my arguments are not abstract.

I own or invest in hundreds of companies. I know DEI is a positive because I see it’s impact on bottom lines. Thats been reiterated by many CEOs.

My definitions of D,E and I are not theoretical. They are actually used. Are yours… https://t.co/nCJBcwQ6RQ

— Mark Cuban (@mcuban) April 2, 2024

Cuban told BI that while other factors besides DEI could drive a business’s success, diversity initiatives remain a net positive for companies.

“To suggest DEI is a negative is to call the CEOs of every Fortune 500 company stupid. How many don’t have DEI programs?” Cuban told BI.

This isn’t the first time Cuban has voiced his support for DEI, a topic that’s becoming a point of contention for some of America’s top executives.

Back in January, Cuban took to X to call out Elon Musk’s criticisms of the practice. In response, Musk — who once said he thought DEI was “just another word for racism” — accused Cuban of being a hypocrite “desperately trying to signal his ‘virtue.’

“You may not agree, but I take it as a given that there are people of various races, ethnicities, orientation, etc that are regularly excluded from hiring consideration,” Cuban told Musk in January.

“By extending our hiring search to include them, we can find people that are more qualified. The loss of DEI-Phobic companies is my gain,” he added.

In March, Cuban told podcaster Lex Fridman that “it’s fun to engage” with Musk on diversity initiatives.

“When we start talking about DEI and that it’s de facto racist — this stuff that I just think is nonsense — I have no problem sharing my opinion,” Cuban told Fridman.

Read the original article on Business Insider