Mark Cuban makes shock Shark Tank announcement: ‘It’s time’

Mark Cuban has said “it’s time” for him to leave Shark Tank after more than 10 years.

The 65-year-old billionaire businessman and owner of the Dallas Mavericks joined the popular reality series in its second season in 2011.

The show is currently in its 15th season; however, on a recent episode of the Showtime podcast All Time Smoke, Cuban revealed that the upcoming 16th season would be his last.

“It’s time,” the prolific investor said of his future on the show coming to an end.

Reflecting on his time on the hit ABC series, he told hosts Matt Barnes and Stephen Jackson: “I love it because it sends the message the American dream is alive and well.

“I feel like in doing Shark Tank all these years, we’ve trained multiple generations of entrepreneurs that if somebody can come from Iowa or Sacramento or wherever, and show up on the carpet of Shark Tank and show their business and get a deal, it’s going to inspire generations of kids,” Cuban added.

“That’s what happens, right? Now we’ve got people coming on saying I watched you when I was 10 years old. I’m like, f***. But we’re helping them right? I’ve invested in, I don’t know how many hundreds of companies. On a cash basis, I’m down a little bit, but on mark to market meeting, the companies are still in operation. I’m way up.”

Over the years, he’s invested around $29m (£23.2m) in at least 85 companies, including the preschool app Brightwheel, a toilet paper alternative Dude Wipes and the alcohol beverage brand BeatBox.

“I look for ideas like, damn, why didn’t I think of that,” Cuban said of his approach to choosing a good investment.

“I just listen to them. You can just tell. Body language matters, the harder they have to try to sell, the worse the deal … when someone walks in Shark Tank, you can tell if they are trying too hard,” he explained.

“I have this rule: the longer the back story, the worse the deal. The minute you start telling me how hard it was for you, it’s hard for every motherf***ing entrepreneur, tell me about your business, tell me why you are going to be successful.”

Cuban currently judges the show alongside fellow entrepreneurs Kevin O’Leary and Robert Herjavec, Lori Greiner, Daymond John, Barbara Corcoran and Kevin Harrington.

Shark Tank season 15 resumes Friday, 8 December at 8pm ET on ABC.