Billionaire Mark Cuban has emerged as an unrelenting supporter of Vice President Kamala Harris in recent weeks. But don’t count on Cuban, who told the Washington Reporter that he talks with Harris’s team “almost every day,” to join a future Harris administration.
“I say hell no to any government job,” he told the Reporter in a wide-ranging interview. “I can have more of an impact with Cost Plus Drugs,” he said, referencing one of his latest innovations that has revolutionized the health care industry.
Cuban believes that Harris is “best for the country,” but has also taken up positions that put him at odds with others in the Democratic Party. Cuban opposes progressive Sen. Elizabeth Warren (D., Mass.) and thinks that it is “time to move on” from Federal Trade Commission (FTC) chairwoman Lina Khan, a darling of the left.
“I am concerned that her quick trigger to break up tech companies could hurt our global competitiveness in AI,” he said of Khan. Cuban’s opposition to Khan has sparked backlash from far-left lawmakers such as Sen. Bernie Sanders (I., Vt.) and Rep. Alexandria Ocasio-Cortez (D., N.Y.), who said on Twitter that “Anyone goes near Lina Khan and there will be an out and out brawl [sic]. And that is a promise.”
One of Cuban’s priorities is taking on the pharmacy benefit management (PBM) industry through his work with Cost Plus Drugs, which closely aligns him with both Harris and Khan. While he hasn’t discussed “regulating PBMs” with the vice president, “we did discuss transparency and how middlemen increase costs to consumers. She was very interested. I’ve had multiple discussions with her and her team on it.”
His work reforming health care has drawn praise from experts in the industry. “Mark Cuban is asking common sense questions — about the PBM racket and the drug price savings so elusive to patients — and the healthcare ecosystem hasn’t given him very good answers,” Terry Wilcox, the Chief Mission Officer of Patients Rising, told the Reporter. “So he’s challenging both himself and I think patients everywhere are noticing.”
Despite his criticisms of Khan, he did praise the FTC for doing a “good job with their report of disclosing just how influential PBMs are in pricing to patients. Their report was a positive because it brought transparency to the business model.”
The businessman also finds himself at odds with some Democrats regarding the crypto industry. He wants the government to “end regulation through litigation,” which he called “an SEC disaster that hurts all business, not just crypto. Make it straightforward to register tokens as a security. It is literally impossible. There is not one operating company that has done so.”
Cuban predicted the future of America’s healthcare system: “pass-through PBMs, that pass through all rebates, disclose net pricing, let companies own their own claims and more, will replace the biggest PBMs.” He also sees a significant role for artificial intelligence in helping with health care, “no question about it. The question is what are the business models and who are the winners and losers. That I don’t know.”
Outside of his role as a businessman, Cuban is best known from his time starring on Shark Tank, but a handful of Americans also know him as “Mark from Cuba” on the iconic sit-com The League, which last aired almost ten years ago.
If the legendary investor has his way, The League may be coming back: “That shit was hilarious, of course I want it back!” he said.
Below is a transcript of our interview with Mark Cuban, lightly edited for clarity.
Washington Reporter:
If President-Elect Kamala Harris calls and says she wants you to serve as Secretary of Treasury, do you say yes?
Mark Cuban:
I say hell no to any government job. I can have more of an impact with Cost Plus Drugs.
Washington Reporter:
What’s the worst deal you’ve ever done?
Mark Cuban:
I’ve done a lot of them. Remember motorized skateboards? Yeah, I blew a few million chasing that.
Washington Reporter:
You’ve stood up for Jewish students on campuses who are being harassed by anti-Semitic mobs. Why has that been a priority for you? What more do you want to see done here?
Mark Cuban:
I do what I can. I would like to see universities put protection of students as a first priority.
Washington Reporter:
You’ve been a critic of the pharmacy benefit management (PBM) industry and your Cost Plus Drugs has been an innovator in this space. Kamala Harris included regulating PBMs as one of her economic priorities. Have you spoken with Vice President Harris about this? And does she agree with you?
Mark Cuban:
We didn’t discuss regulating PBMs. We did discuss transparency and how middlemen increase costs to consumers. She was very interested. I’ve had multiple discussions with her and her team on it.
Washington Reporter:
If you’ve built a better mousetrap than the big PBMs — do you want the FTC stepping in?
Mark Cuban:
I think the FTC did a good job with their report of disclosing just how influential PBMs are in pricing to patients. Their report was a positive because it brought transparency to the business model. In terms of what to do, I personally believe that pass-through PBMs, that pass through all rebates, disclose net pricing, let companies own their own claims and more, will replace the biggest PBMs. As self-insured insurers understand they are getting ripped off and move to pass-through PBMs, we will reach an inflection point that disintermediates the big PBMs of today.
Washington Reporter:
What role do you think AI and other emerging technologies will play in health care access and outcomes?
Mark Cuban:
It will help, no question about it. The question is what are the business models and who are the winners and losers. That I don’t know.
Washington Reporter:
Do you see opportunities for bipartisanship in this space? One of the closing messages of Trump’s campaign is Make America Healthy Again — are there any other ideas that you think political leaders should be more open to backing?
Mark Cuban:
One of the beautiful things about Kamala is that she doesn’t care where the best ideas come from. She wants what is best for patients. This is not Dems versus Reps on health care. This is Trump versus Harris. One understands how the industry and tech works. The other doesn’t.
Washington Reporter:
Should Lina Khan stay if Kamala is elected president?
Mark Cuban:
I think it’s time to move on. I am concerned that her quick trigger to break up tech companies could hurt our global competitiveness in AI.
Washington Reporter:
You grew up in a working class family, you sold garbage bags, delivered newspapers, and lived the American Dream. Are you surprised that this led you to be a staunch supporter of Vice President Harris?
Mark Cuban:
No. Of course no. I was always taught to think for myself and to look at every problem as an opportunity. Kamala is who I think is best for the country.
Washington Reporter:
How proactive do you find Kamala Harris in seeking your advice?
Mark Cuban
I text or talk with her team almost every day.
Washington Reporter:
Which Republican politicians do you respect? Do you consult or talk with any of them?
Mark Cuban
I don’t really pay that close attention to politics beyond POTUS. But I am supporting John Deaton over Elizabeth Warren for Senate. I think he has fresh ideas and is more open to tech.
Washington Reporter:
Can you go into more detail about that? What’s your philosophy about which candidates you decide to back, of either political party?
Mark Cuban
I had developed a relationship with John. When he decided to run it was natural.
Washington Reporter:
Do you have any interest in running for office yourself?
Mark Cuban:
None.
Washington Reporter:
How do you think the race between Ted Cruz and Colin Allred is shaping up?
Mark Cuban:
I see the same numbers as you. I will vote for Allred.
Washington Reporter:
You’re in regular contact with Kamala Harris and her team on a lot of issues; her allies in crypto are pushing hard for a “reset” between the Democratic Party and the industry. What do you see as the correct pivot to crypto under a potential Harris administration?
Mark Cuban:
End regulation through litigation. That’s an SEC disaster that hurts all business, not just crypto. Make it straightforward to register tokens as a security. It is literally impossible. There is not one operating company that has done so.
Washington Reporter:
What’s your evaluation of how Fed Chair Jerome Powell has handled guiding the economy in the face of inflation? We’ve already seen one rate cut, but do you believe he could go further?
Mark Cuban:
I’m not a fed geek. I don’t have a good answer.
Washington Reporter:
How’d your incredible cameo in The League come about? And do you hope they bring that show back?
Mark Cuban:
They emailed me. Of course I said yes! That shit was hilarious, of course I want it back!