Mark Cuban claims going 'woke' is good for business: 'People want to do business with companies that care about their customers'

Several years ago, some in social media began using the ominous phrase "go woke, go broke," warning major corporations that promoting leftist ideologies, especially regarding race and gender, will cause their profits to tank. However, billionaire business tycoon Mark Cuban doesn't buy it. In fact, he recently argued that going "woke" is actually "good business."

On Sunday, the owner of the Dallas Mavericks and the star of the hit TV series "Shark Tank" told the Pittsburgh Post-Gazette that "there is a reason almost all the top ten market cap companies in the U.S. can be considered ‘woke.’ It’s good business." According to Cuban, wokeness signals to prospective consumers that an enterprise is caring and compassionate.

"People want to do business with companies that care about their customers," Cuban explained, adding that the ability to connect with people on a personal level is "an American trait" that "reflects who we are as a country."

Though the bottom lines of Bud Light and Target, two global corporations that have recently made news for their "woke" products and marketing, have taken a significant hit in recent months, Cuban called those billion-dollar losses essentially "meaningless" because actual stockholders have not caused them.

"A dip in market cap is meaningless," Cuban claimed, because so few individuals own Bud Light or Target stock. "Almost all ownership is via funds, and most trading is quantitative," he continued. "So, it’s not like the drop is because tens of thousands of individual holders sold their stocks."

"Most CEOs have enough experience to know to just wait out the news cycle until they go to the next one," Cuban said.

For Cuban, going "woke" isn't just smart business in 2023, it's a principle he has adopted in his own business ventures. At the iconic Grand Hotel on Mackinac Island, Michigan, the 64-year-old invited an audience at the annual Mackinac Policy Conference last month to go ahead and call him "woke."

"Call me woke — you don’t need to call it DEI, you can call it whatever you want — I call it good business," he said. "It means taking the people that you’re selling to and making sure your workforce looks like them, and making sure you can reflect their values and being able to connect to that. That’s what works for me."

While social media users might focus on corporate branding, most Americans have other priorities, Cuban claimed. "Your constituents wake up in the morning — they don’t think about Bud Light. They don’t think about Target," he said.

"They think about how they’re going to live their lives or what’s gonna get them satisfaction."

"We pay so much attention to the voices that sound like garbage," he added.

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