Mark Cuban Admits 'We Blew It' On Tree T-Pee Deal — Says Passing On Water-Saving Invention Was A Major Mistake In Shark Tank History: 'I Learned A Lot In Hindsight'

On Friday, billionaire entrepreneur Mark Cuban acknowledged that he and the other Shark Tank investors missed a major opportunity by not backing the Tree T-Pee, a water-saving farming invention pitched over a decade ago.

What Happened: The product, developed by Florida farmer Johnny Georges, was introduced in Season 5 of Shark Tank as a plastic containment system that conserves water by directing it straight to the roots of young trees.

In his pitch, Georgess said that the Tree T-Pee could reduce annual water usage per tree from 25,000 gallons to just 800.

Although Georges impressed the panel with his authenticity and mission-driven approach, most sharks declined to invest due to low profit margins.

See Also: Mr Wonderful Kevin O’Leary Says You’re Literally Giving Away Money To Billers By Not Doing This One Simple Thing — And He’s Been Doing It For Decades

Kevin O'Leary, for instance, raised concerns about scalability and the lack of pricing flexibility. However, guest shark John Paul DeJoria stepped in with a $150,000 offer for 20% equity, moved by Georges' dedication to farmers.

Now, over a decade later, the company is reportedly thriving with an estimated valuation of around $100 million, according to The Tech Education.

Responding to a resurfaced clip from the episode on X, formerly Twitter, one social media user criticized the sharks' predatory behavior and praised George's values.

In response, Cuban replied, "That was a mistake. We blew it on this one. But I know I learned a lot in hindsight."

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Why It's Important: According to the Bloomberg Billionaire Index, Cuban has a net worth of $8.53 billion. He co-founded Broadcast.com, an internet streaming service that he sold to Yahoo! for $4.8 billion in 1999.

Cuban, who joined Shark Tank as a guest in season 2 and became a full-time Shark in season 3, announced in 2023 that he'll leave the show after season 16. While he feels ready to move on, Cuban also said he'll deeply miss the cast and crew he's worked with over the years.

In a conversation with People, Cuban explained that he's leaving Shark Tank to spend more time with his kids, saying he wants to be present during important family moments and has no regrets about his decision.

Earlier this year, Cuban told CNBC Make It that he's invested roughly $33 million during his time on Shark Tank, earning up to $35 million in cash returns and holding mark-to-market equity valued at no less than $250 million.

While he pledged around $61.9 million across over 200 deals on air, not every agreement shown closes afterward, according to Shark Tank Insights.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

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