Mark Cuban Rewards Dallas Mavericks Employees With $35M Bonus Following Stake Sale
Portfolio Pulse from Rounak Jain
Mark Cuban has distributed $35 million in bonuses to Dallas Mavericks employees after selling his majority stake to key shareholders of Las Vegas Sands (NYSE:LVS), including Miriam Adelson and her family. Cuban retains a smaller ownership share and continues to manage basketball operations. The sale was approved by the NBA in December 2023.
January 06, 2024 | 7:07 am
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Las Vegas Sands shareholders, including Miriam Adelson and her family, acquired Mark Cuban's majority stake in the Dallas Mavericks. Adelson had previously planned to sell $2 billion of LVS stock to fund a sports team purchase.
The acquisition of the Mavericks' stake by Las Vegas Sands shareholders is significant but does not directly affect the core casino and resort operations of LVS. The news may be of interest to investors as it shows the shareholders' diversification into sports, but it is unlikely to have a direct short-term impact on LVS stock price.
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