In the recent past, billionaire investor Mark Cuban has come under scrutiny for his financial advice shared on TikTok, leading to a wave of criticism from the app’s users.
What Happened: According to a report by Insider on Tuesday, Cuban’s TikTok presence resurfaced after his initial comments on the platform sparked fierce debate. His “Tip Of The Day” series, in which he advised viewers to cut back on non-essential expenses, was the initial cause of the uproar.
“You don’t need that extra latte, that extra streaming subscription, going to that fancy dinner,” Cuban expressed in the controversial video, which attracted 2 million views. The advice, which was shared in late August, led to backlash from users in the days that followed.
Discontent was reportedly voiced by many users who doubted the practicality of Cuban’s advice for their financial difficulties. “I didn’t buy the latte and I still can’t pay for groceries and housing,” stated one user. Another posed the question, “Why do billionaires think skipping things that bring us happiness is the solution to our problems?”
Ignoring the criticism, Cuban issued another “Tip Of The Day” on September 12, urging his audience to “be nice” and “smile.” Despite the prior controversy, Cuban’s latest advice has been well-received, with TikTok users showing their appreciation. Cuban, who sold his first tech firm MicroSolutions for $6 million in 1990 and made his debut on reality TV show “Shark Tank” in 2011, has over 986,000 followers on TikTok.
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Why It Matters: Early on in 2020 Cuban’s daughters showcased the other side of their father as a family man on TikTok.
More recently, Cuban offered a deal for a company on “Shark Tank” which has seen a level of viral success on TikTok. The Sharks liked the TikTok success and were impressed by the company’s founder and CEO Fiona Co Chan.
Cuban isn’t the only one offering financial tips on the ByteDance-owned platform. Short video clips on everything from purchasing a home to quick-hitting money teachings are available on TikTok as well.
Photo by Kathy Hutchins on Shutterstock
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