Mark Cuban Wished to Spend money on TikTok Years To date When It Was Musical.ly

• Mark Cuban tried to put money into Musical.ly, the platform that can develop to be TikTok.
• Cuban says the platform misplaced its spark, turning into “agency.”
• In an interview, Cuban talked about specializing in monetization usually harms the person expertise.

Mark Cuban tried to put money into TikTok’s precursor years to date, nonetheless talked concerning the firm turned him down.

Cuban advised content material materials supplies creator and journalist Jules Terpak in an interview on her YouTube channel that he favored utilizing TikTok when it was often called Musical.ly.

The platform rebranded to TikTok in 2017 when it was acquired by its present house owners, ByteDance.

“I beloved it due to I may merely flip it on and there is likely to be 15,000 folks maintain instantly that I may talk to,” Cuban talked about of Musical.ly.

“It was insane. I beloved it. After which, on account of it bought into the dances and every little issue, it was fulfilling.”

Cuban advised CNBC he tried to put money into Musical.ly nonetheless was unsuccessful due to the corporate wasn’t looking for to boost further funds on the time.

Cuban advised Terpak he thinks TikTok is manner a lot much less fulfilling than it was and “further agency.”

He talked about that the dance-focused model of the app was dropping billions of {{{dollars}}}, “and so in some unspecified time eventually, they needed to begin making an attempt to make some cash.”

“I hottest it elevated when it was dances and music,” Cuban talked about. “Now it is a enterprise.”

Cuban talked about TikTok’s early magnificence was that its algorithm served prospects with further of what they hottest than one other platform.

“Now it is agency,” he talked about. “It is what number of followers are you able to get and the best way will you’re employed collectively these followers.”

There’s “a diminishing return” for purchasers when platforms monetize, Cuban talked about, pushed by enterprise realities.

“Finally, for people who’re there to generate earnings, you wish to determine how one can generate earnings,” he talked about.

Cuban’s ideas hit on an rising frustration many purchasers have with TikTok, the place they’re flooded with adverts and loads of see the platform as a pseudo-shopping channel.

Cuban has a TikTok account himself, the place he has 1.1 million followers — although he would not submit usually.

In 2023, he confronted some backlash for a “tip of the day” on incomes money, all through which he advised folks to chop as soon as extra on further lattes and streaming suppliers.

“You wish to put that in a cash market account incomes 5, possibly further, % and watch that sucker develop,” he talked about. “That’ll make you are feeling an entire lot elevated than that further latte that you just simply merely had that day.”

Some criticized the recommendation for being unrealistic and out of contact with the overwhelming majority of individuals.

Cuban did not cope with the critics, solely posting one completely different tip of the day to “be good” and “smile.”

In keeping with Bloomberg, Cuban has an internet worth of spherical $8 billion. In 1990, he provided his first tech company, MicroSolutions, for $6 million and went on to put money into quite a lot of worthwhile companies via “Shark Tank.”

In October, Cuban launched he is likely to be leaving “Shark Tank” after its sixteenth season to spend further time collectively collectively along with his youngsters.