Why Mark Cuban called 'B.S.' on a 'Shark Tank' company that was on track to bring in $14 million last year (via CNBCMakeIt)
Cabinet Health co-founders Achal Patel and Russ Gong scored a $500,000 deal from Kevin O'Leary and Tony Xu, despite Mark Cuban's skepticism.After decades as an investor, billionaire Mark Cuban has developed a keen instinct for whether a company's pitch is too good to be true.," when the billionaire told sustainable wellness company Cabinet Health's founders he was suspicious of their lack of profit.
Cuban's skepticism may have come from his own expertise in the field, or from his competitive nature. Like Cabinet Health, Cuban's companySharks worry about profitability, ultimately make a deal The co-founders entered negotiations seeking $500,000 for a 2.5% stake in Cabinet Health, which would value the company at $20 million.
Guest Shark Tony Xu, a co-founder of DoorDash, was also interested. He offered $500,000 for 10% of Cabinet Health, which would value the company at $5 million. Xu added that his expertise at scaling startups could help them push out more products directly to consumers.
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