Mark Cuban Eyes Buying X from Musk Amid 84% Revenue Decline and Criticism

In a recent interview with Wired, billionaire entrepreneur Mark Cuban expressed his interest in purchasing the social media platform X, formerly known as Twitter, from Elon Musk.

Cuban, known for his role on Shark Tank and his investments in tech and cryptocurrency, said he would buy X “in a perfect world.” However, there’s one significant issue standing in his way: Musk has no intention of selling the platform.

Cuban’s remarks came during an interview with journalist Lauren Goode, where he was asked if he would consider acquiring the Musk-run platform.

His response? “I wish I could. There’s no reason for him to sell it.” Musk famously bought Twitter for $44 billion in 2022 and has since made sweeping changes, including renaming it X and firing a large portion of the platform’s content moderation team. 

Under Musk’s leadership, X has faced criticism for becoming a haven for misinformation and far-right content, making Cuban’s comments particularly timely as users react to the platform’s evolving identity.

Fool me once, shame on you. For me twice, shame on me. Democrat elitist billionaires are getting worried they won't have a pot to piss in if Kamala gets elected. Mark Cuban rumor, going to buy X, and Fox News? The Democrat elitist, don't know what to do.

— Mark Mervau (@MervauMark) September 18, 2024

Cuban’s Vision for X and His Political Involvement

Mark Cuban’s interest in buying X aligns with his broader vision for the platform, particularly regarding content regulation and user experience. Cuban, a vocal supporter of Democratic U.S. presidential nominee Kamala Harris, often uses X to promote progressive policies and call out conservative figures.

In a recent post, Cuban invited Musk to discuss Kamala Harris’s policies and even offered to have an open dialogue about the Republican candidates.

Cuban’s political involvement goes beyond social media posts.

In 2023, he endorsed Harris as a pro-business candidate, emphasizing her potential openness to cryptocurrency and emerging technologies like artificial intelligence (AI).

Cuban believes that Harris could position herself as a candidate who is more supportive of digital assets than current regulatory frameworks allow.

• In a July interview, Cuban hinted that Harris might take a more favorable stance on crypto, saying, “She will be far more open to business, AI, crypto, and government as a service.”
• Cuban’s criticism of Donald Trump, the Republican presidential nominee, has also been a recurring theme. He called Trump out for allegedly “ripping off hard-working Americans.”

These political undertones may influence Cuban’s potential interest in acquiring X, as he continues to engage with his following and sway opinions on the platform.

Challenges Facing X and Musk’s Leadership

Despite Cuban’s interest, X under Elon Musk has faced significant financial struggles. According to Bradford Ferguson, president of Halter Ferguson Financial, X’s revenue has reportedly dropped by 84% since Musk’s takeover. The company has also seen a sharp decline in advertising revenue, as Musk’s unfiltered approach to content moderation has driven some advertisers away.

It's a damn good thing that X was bought out by @elonmusk. Now we won't be silenced on one of the biggest social media platforms during the election and the Day that Trump fires Kamilaw and Brain dead Joe.

— Allen Monterey (@Monterey9219) September 18, 2024

However, X remains a popular platform within the crypto community, with many users, including Musk himself, supporting Donald Trump in the upcoming election. Cuban’s continued involvement in this space further demonstrates his connection to the platform, but it also sets him up for potential backlash from the crypto community, some of whom have sided with Trump.

Meanwhile, a recent defamation lawsuit involving crypto reporters underscores the risks Cuban and others face when expressing political or financial views on X. Cuban’s support for Harris and his criticism of Trump have stirred controversy, with some crypto figures, like Messari co-founder Ryan Selkis, challenging Cuban’s stance.

Despite these challenges, Cuban remains vocal about the platform’s future and his desire to play a bigger role in shaping its direction. His political advocacy, combined with his interest in technology, positions him as a key player in the ongoing conversation about X’s future—whether or not he ends up acquiring the platform from Musk.

Conclusion: Cuban’s Future with X?

While Mark Cuban may be eager to take control of X, the likelihood of Elon Musk selling the platform remains slim. Cuban’s candid remarks have sparked conversations among users about the platform’s future and his vision for its potential.

Whether or not Cuban’s dream of owning X materializes, his influence over the discussion—both politically and technologically—continues to grow.