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☆ It sure looks like Mark Cuban is walking away from everything that made him Mark Cuban
▼ + stars: | 2023-11-29 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +3 min

Billionaire Mark Cuban made a name for himself as a businessman and media personality. So it could well be the end of an era for the Mark Cuban that we've come to know. AdvertisementBillionaire Mark Cuban is many things — a serial entrepreneur who has dabbled in tech and pharmaceuticals, a reality TV star, and the longtime owner of the Dallas Mavericks. But if recent reports are anything to go by, that could soon be the Mark Cuban of yesterday, as he sheds parts of his portfolio emblematic of his public persona. This may very well be the end of an era for the "Shark Tank"-starring, Mavericks-owning Mark Cuban we've all come to know.

Persons: Mark Cuban, he's, —, Cuban, Adelson, He's, Henry Ross Perot, Joe Biden, Donald Trump, Tiffany Stewart — Alexis, Alyssa, Jake, all's Organizations: Dallas Mavericks, ESPN, Cuban, Service, Associated Press, Mavericks, Twitter, NBC, Republican, Hollywood, Cuban's Dallas Mavericks, Business Insider Locations: Cuban

☆ Don't be surprised if Mark Cuban runs for president
▼ + stars: | 2023-11-29 | by ( Madison Hall | ) www.businessinsider.com time to read: +5 min

Mark Cuban is departing "Shark Tank" and selling his majority stake in the Dallas Mavericks. He's been outspoken about his interest in politics for years and almost ran for president in 2020. He denied on Wednesday that he's running for president, but what else could he possibly be doing? download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementLater, Cuban revealed in a CNN interview that he seriously considered running for president in the 2020 race.

Persons: Mark Cuban, He's, —, Miriam Adelson, Sheldon Adelson, ABC's, that's, Ross Perot, Joe Biden, who's, Trump, Mark Cuban's, John Boehner, Hillary Clinton, Donald Trump's, America's Organizations: Dallas Mavericks, Service, Hollywood, Mavericks, Cuban, Yahoo, Fortune, Gulfstream, Kroger, Republican, Texas, CNN Locations: , Texas, Dallas

☆ Mark Cuban says he was ‘a lousy employee’—and that was key to his success
▼ + stars: | 2023-11-24 | by ( Tom Huddleston Jr. | ) www.cnbc.com time to read: +4 min

"I was never going to be good at working for someone else," the billionaire investor and owner of the NBA's Dallas Mavericks told Wired in a video Q&A last month. But, it wasn't until he was in his mid-20s that Cuban launched his first actual company, the software startup MicroSolutions. As Cuban told Wired, he asked a high-ranking executive to speak to a group of young employees at a happy hour about "what it's like to work at the bank." "I thought that was a really cool idea and I was taking initiative," Cuban told Wired. "I was a lousy employee because I was a know-it-all," he told Wired.

Persons: Mark Cuban, he'd, Cuban's, Cuban, I'd, Warren Buffett Organizations: Dallas Mavericks, Wired, Cuban, Mellon Bank, Indiana University, Yahoo, CNBC Locations: Cuban, Dallas, Pittsburgh, MicroSolutions

☆ Mark Cuban: Any billionaire who says they 'could do it all again' from scratch is 'lying their ass off'
▼ + stars: | 2023-11-17 | by ( Ashton Jackson | ) www.cnbc.com time to read: +3 min

Mark Cuban worked hard to amass his net worth — currently estimated at $6.2 billion — creating multiple successful businesses and investing in promising startups. "Anybody who has a 'B' next to their name, and they tell you they could do it all again, they're lying their ass off," Cuban, 65, said. But becoming a billionaire isn't just dependent on your sales talent or ability to craft a great business idea, Cuban said. Don't miss: Mark Cuban says he doesn’t need his billions: I’d ‘for sure’ be just as happy with 1% of my net worthIn Cuban's case, timing was crucial. Disclosure: CNBC owns the exclusive off-network cable rights to "Shark Tank," which features Mark Cuban as a panelist.

Persons: Mark Cuban, —, That's, he's, isn't, Cuban, You've, ’, Richard Wiseman, Wiseman, Warren Buffett Organizations: CompuServe, Yahoo, Real Vision, University of Hertfordshire, CNBC Locations: —, Cuban

☆ Mark Cuban gave these ‘Shark Tank’ founders $225,000—a year later, their revenue quadrupled to $1.1 million
▼ + stars: | 2023-11-07 | by ( Megan Sauer | ) www.cnbc.com time to read: +1 min

When Whitney and Chaz Gates' annual sales more than quadrupled in less than a year, they credited their lead investor: Mark Cuban. On Friday's episode of ABC's "Shark Tank," the husband-and-wife duo said that Wondry, their Black-owned wine label, brought in $1.1 million in revenue over the previous 11 months. At the time, the couple's pitch landed them $225,000 of Cuban's money in exchange for 15% of the Dallas-based company. "Before 'Shark Tank,' we were just a local Texas business," said Whitney, Wondry's CEO. Here's how Cuban's $225,000 turned into $1.1 million in sales, according to the Gateses.

Persons: Whitney, Chaz Gates, Mark Cuban, Wondry Locations: Dallas, Texas

☆ 82-year-old went on 'Shark Tank'—and landed a 5-figure offer: 'You're a star'
▼ + stars: | 2023-11-07 | by ( Ashton Jackson | ) www.cnbc.com time to read: +3 min

The 82-year-old co-founder of hunting manufacturer Air Boss Outdoors joined up with his business partner, Keith Lindsey, to pitch a product called the Krapp Strapp on Friday's episode of ABC's "Shark Tank." The Krapp Strapp is a weatherproof strap designed to help hunters, campers and outdoorsmen relieve themselves more comfortably. Cuban gave Legg and Lindsey similar feedback, saying he'd only make them an offer if everyone else's proposals were "nasty." The Krapp Strapp duo accepted, garnering praise from Cuban. "Now, you two [Greiner and John] can say you help people do the deuce outdoors," Legg said, on his way out.

Persons: Bob Legg, Keith Lindsey, It's, Lindsey, Legg, Legg chimed, Mark Cuban's, Robert Herjavec, Kevin O'Leary, Strapp, Herjavec, he'd, Lori Greiner —, Daymond John, Greiner, Bob, Cuban, John, Warren Buffett Organizations: Air, Outdoors, CNBC, Cuban Locations: U.S, Jacksonville , Texas

☆ Mark Cuban says an NBA legend taught him this 9-word mantra—it helps you 'differentiate' yourself from other people
▼ + stars: | 2023-10-29 | by ( Megan Sauer | ) www.cnbc.com time to read: +3 min

Mark Cuban may have made his billions as an entrepreneur and investor — but he's received some of his best advice from athletes. It's powerful, Cuban explained, because it applies to every field, from sports and sales to computer programming and creative writing. "Whatever it may be, you've got to keep doing it and doing it," said Cuban, who owns the NBA's Dallas Mavericks. "A lot of people, particularly in sports, but in life as well, they take the shortcuts always," said Cuban. To an extent, he's been practicing it his entire life, particularly as an entrepreneur.

Persons: Mark Cuban, —, he's, Basketball Hall of Famer Dirk Nowitzki, Cuban, you've, Warren Buffett Organizations: Basketball Hall of Famer, GQ, Dallas Mavericks, Brown University, Cuban, CompuServe, Yahoo, Bloomberg Locations: Cuban, Pittsburgh

☆ Mark Cuban says crypto lacks a killer app, NFTs will stage a comeback, and billionaires should pay more tax. Here are his 6 best quotes from a new Q&A.
▼ + stars: | 2023-10-27 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +5 min

The "Shark Tank" investor says crypto needs a killer app, and NFTs will stage a comeback. "I am really, really, really good at sales. I'm gonna find a sales job, and I'm gonna learn more about that industry than anybody on the planet. And I'm gonna set a commission as high as I possibly can. Someday you're gonna turn around and say to yourself, 'I should have bought those damn NFTs when they were next to nothing.'"

Persons: Mark Cuban, —, Cuban, I'm, I've, Rick Bowmer, Alexa, Crypto, That's, grandma, they're Organizations: Service, Dallas Mavericks, Yahoo, Facebook, Cuban, Amazon, Microsoft Locations: ChatGPT

☆ Billionaire Mark Cuban used this sales pitch for his first tech startup in 1989—here's why it worked
▼ + stars: | 2023-10-21 | by ( Ashton Jackson | ) www.cnbc.com time to read: +3 min

When Mark Cuban launched his first tech startup, he couldn't have known he'd end up a billionaire today. He was confident, though, that his sales pitch for the company — a software startup called MicroSolutions — would work. In the proposal, Cuban wrote that his tool would be a great resource for attorneys looking to streamline their workflow — by having information "immediately published electronically to the organization," as opposed to using notebooks. Basically, it was our version of Slack long before Slack," Cuban wrote in a follow-up post. A year after sending his pitch to the law firm, Cuban sold MicroSolutions to now-defunct internet services company CompuServe for $6 million.

Persons: Mark Cuban, Cuban, Gilchrist, Slack Organizations: Twitter, GQ, Cuban, CompuServe, Yahoo, Forbes, CNBC, Global Locations: Dallas, Cuban

☆ AI startup caused a 'battle of the billionaires' on 'Shark Tank'—and got a $300,000 offer from Mark Cuban and Michael Rubin
▼ + stars: | 2023-10-16 | by ( Ashton Jackson | ) www.cnbc.com time to read: +3 min

Billionaires Mark Cuban and Michael Rubin are up for the challenge. "This is a real issue," said Rubin, the CEO of sports retailer Fanatics and a guest judge on the episode. "We want to help change the perception of bots amongst consumers," Griffith said. Arming consumers with bots could help give regular people a fighting chance to buy items at fair prices, he surmised. Bachelor and Griffith, caught between their options, implored Cuban and Rubin to make a joint deal.

Persons: Maurice Bachelor, Mark Cuban, Michael Rubin, Joel Griffith, Rubin, Kevin O'Leary, Griffith, O'Leary Organizations: Cuban, Sharks, CNBC Locations: Angeles

☆ Mark Cuban says he only felt successful for the first time at age 28: My dad 'broke down in tears and started sobbing'
▼ + stars: | 2023-10-08 | by ( Megan Sauer | ) www.cnbc.com time to read: +3 min

Billionaire investor Mark Cuban vividly remembers the moment he finally felt successful — because he spent so many years beforehand trying to stave off being flat broke. The turning point "was probably when I had $100,000 in the bank," Cuban, now 65, said. And telling my dad who just broke down in tears and started sobbing." The effort paid off when Cuban sold MicroSolutions for $6 million in 1990 to CompuServe, a now-defunct internet services company. "There's a huge difference between being a millionaire and a billionaire," Cuban told GQ.

Persons: Mark Cuban, GQ —, he'd, Dave Winslow, we're, It's, Charles Schwab's, Cuban, Barstool, Broadcast.com Organizations: Cuban, GQ, Wealth Survey, Cisco, CompuServe, Yahoo, CNBC Locations: Cuban

☆ Mark Cuban wants to give you personalized advice for free now—here’s how to get it
▼ + stars: | 2023-09-29 | by ( Megan Sauer | ) www.cnbc.com time to read: +3 min

Billionaire entrepreneur and investor Mark Cuban gives out plenty of public advice, from his musings on ABC's "Shark Tank" to his own TikTok account. It's primarily intended for entrepreneurs who want advice: Cuban initially created it just for his portfolio companies before realizing its broader appeal, he says. Cuban's advice network currently requires a free subscription to join. He hopes the advice network will introduce him to new ideas, too. Join the free CNBC Make It: Your Money virtual event on Oct. 17 at 1 p.m.

Persons: Mark Cuban, Falon Fatemi, It's, Cuban, TikToker Bobbi Althoff's, Ansley Carlisle, — Organizations: MCC, Cuban, CNBC, CompuServe, Yahoo, Forbes Locations: Dallas

☆ Medicare's drug-price negotiations will save the government billions in healthcare spending — but patients may not feel the benefits
▼ + stars: | 2023-09-25 | by ( Natalie Rahhal | ) www.businessinsider.com time to read: +6 min

Patients with private health insurance aren't likely to see a drop in costs from the negotiations. Longo said the price-setting provisions will drive research and investment away from treatment options for Medicare patients. If drug companies won't come to the negotiating table to lower drug prices paid by private insurers, those insurers could take the companies' drugs off their lists of covered medications. Or, if private insurance companies don't negotiate drug prices down for their patients, patients in some cases could seek out different insurance. "These are not full solutions, but they are the beginning of cracks in the facade" of drug companies' constant price hikes, Feldman said.

Persons: Biden, Juliette Cubanski, Jeffrey Davis, Davis, Richard Frank, —, Nicole Longo, Longo, it's, — aren't, Robin Feldman, Feldman, Cuban's Organizations: Medicare, Healthcare, Morning, Centers, Services, Congressional, McDermott, Consulting, Brookings Schaeffer Initiative, Health, Pharmaceutical Research, Manufacturers of America, PhRMA, University of California Law School, Costco, Pharmaceutical Locations: Lower

☆ Mark Cuban lost nearly $900,000 to crypto hackers—how investors can avoid similar scams
▼ + stars: | 2023-09-21 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

Tech billionaire Mark Cuban recently lost nearly $900,000 worth of crypto to a scam that could happen to any crypto owner. On Friday, apparent hackers drained Cuban's digital wallet of around $870,000 worth of various types of cryptocurrencies, including various stablecoins, SuperRare and Ethereum Name Service tokens, according to crypto news outlet DL News. However, Cuban says he believes he downloaded a fraudulent version of the popular app that he found in a Google search, according to DL News. That's one reason financial experts advise against putting more money into crypto than you're willing to potentially lose. Before the hackers made off with more of Cubans digital funds, he says he was able to transfer his remaining virtual assets to Coinbase, per DL News.

Persons: Mark Cuban, Kenny Estes, they're Organizations: Tech, Cuban, CNBC Locations: MetaMask

☆ This is the No. 1 trait you need to be more successful than most—Mark Cuban learned it by age 12
▼ + stars: | 2023-08-31 | by ( Megan Sauer | ) www.cnbc.com time to read: +2 min

"I was a little short chubby kid [and] my parents didn't have a lot," Cuban recounted on the show. Learning the moves to show him he was competent, had rhythm and could quickly pick up new skills, Cuban said. "It really did [help with confidence]," Cuban tells CNBC Make It in an email. "It will be the person with high confidence and lower abilities who will get the job over the person with low confidence and higher abilities." "It was the best job ever," Cuban told sportscaster Jim Rome on a podcast in 2019.

Persons: Mark Cuban, NBC's, didn't, Cuban, We've, couldn't, Bonnie Low, Kramen, Jim Rome Organizations: Dallas Mavericks, CNBC, Staff, Solutions, Indiana University

☆ CVS pushes into making cheaper versions of complex drugs with new discount Humira
▼ + stars: | 2023-08-23 | by ( Bertha Coombs | ) www.cnbc.com time to read: +4 min

CVS Health is partnering with drugmaker Sandoz to produce a near identical version of the blockbuster arthritis treatment Humira that will sell for 80% below the price of the brand-named drug. The move is part of the company's new venture focused on securing, and in some cases co-producing, biosimilar drugs, which are the equivalent of generic versions of complex gene or protein-based therapies known as biologics. CVS is already one of the leading players when it comes to sourcing generic drugs through Red Oak, its joint venture with Cardinal Health . Abbvie reported more than $4 billion in Humira sales in its most recent quarter, which was slightly better than expected. Correction: CVS Health subsidiary Cordavis will partner with Sandoz on biosimilar drugs.

Persons: drugmaker Sandoz, We've, it'll, Prem Shah, drugmaker, Amgen's Amjevita, Murdo Gordon, Abbvie, Cuban's, John Ransom, Raymond James, Ransom, Sandoz Organizations: CVS Health, CVS, Cardinal Health, Novartis Pharmaceuticals, Sandoz, Novartis, FDA, Blue, Drug Company, Amazon Pharmacy Locations: U.S, Red, California

☆ Mark Cuban says his kids see downsides to his wealth: 'It sets an expectation’
▼ + stars: | 2023-08-23 | by ( Megan Sauer | ) www.cnbc.com time to read: +3 min

Take it from Mark Cuban — or, rather, his kids. "Sometimes I think [the money is] the part they don't like," Cuban, who has an estimated net worth of $5.1 billion, according to Forbes, said. "Not that they want to be poor, but it sets an expectation ... it's how other people see them." CNBC owns the exclusive off-network cable rights to "Shark Tank," which features Mark Cuban as a panelist. DON'T MISS: Want to be smarter and more successful with your money, work & life?

Persons: Mark Cuban, TikToker Bobbi Althoff's, Forbes, NBC's, Mark Cuban's, I'm, Steve Harvey's, they'll, Cuban, Althoff, Kevin Hart's, Hart, Peacock, Warren Buffett Organizations: CompuServe, Yahoo, NBC, CNBC, NBCUniversal

☆ Mark Cuban passed on an early Uber investment—his $250,000 would be worth $2.3 billion today: ‘Whoops’
▼ + stars: | 2023-08-19 | by ( Tom Huddleston Jr. | ) www.cnbc.com time to read: +3 min

"Just think: If I would've given him $250,000 on a [$10 million] valuation, it'd be billions," Cuban said. Specifically, given Uber's market capitalization of $90.1 billion as of Friday, Cuban's $250,000 would be worth $2.25 billion today. But, still," said Cuban, whose net worth is currently estimated at $5.1 billion. Cuban and Kalanick already had history at the time: Cuban invested $1.7 million in Kalanick's previous venture, a peer-to-peer networking startup called Red Swoosh, in 2005. However, Cuban said he didn't agree with Kalanick's $10 million valuation of the startup at the time: "I said, 'I'll do it at [a] $5 million valuation...' for Uber!"

Persons: Mark Cuban's, Uber, Travis Kalanick, Kevin Hart's Peacock, Hart, Cuban's, Kalanick, Cuban, Troy Carter, Carter, Mark Cuban, Warren Buffett Organizations: Uber, Cuban, SXSW, CNBC

CVS Health logo is seen displayed in this illustration taken, May 3, 2022. The regional health insurance provider will still retain CVS Caremark for managing specialty drugs, which are costly medications used to treat complex conditions like cancer and rheumatoid arthritis. Other analysts highlighted difficulties in shifting to a different model than the one offered by companies like CVS - which provide other services including home drug delivery and reimburse pharmacies for patients' prescriptions. Amazon Pharmacy will provide at-home delivery of prescription drugs as well as upfront pricing, while Mark Cuban Cost Plus Drug Company will provide access to generic drugs, Blue Shield said. Blue Shield of California's other partners include privately held Abarca for processing claims related to prescription drugs, while smaller PBM Prime Therapeutics will work to negotiate savings with drugmakers.

Persons: Dado Ruvic, Cigna, UnitedHealth, Mark, Elizabeth Anderson, J.P, Morgan, Lisa Gill, Gill, Blue, Manas Mishra, Mariam Sunny, Bhanvi, Shweta Agarwal, Pooja Desai, Krishna Chandra Eluri, Frances Kerry Organizations: CVS, REUTERS, Amazon, Cigna, UnitedHealth, Evercore ISI, Mark Cuban, Plus, Thomson Locations: Bengaluru

☆ Blue Shield of California drops CVS, taps Amazon and others to lower drug costs
▼ + stars: | 2023-08-17 | by ( ) www.reuters.com time to read: +2 min

CVS Health logo is seen displayed in this illustration taken, May 3, 2022. Blue Shield, whose health plans cover 4.8 million members, said it will now work with five different companies, including Mark Cuban's drug company, to provide "convenient, transparent access to medications while lowering costs." Privately held Abarca will pay prescription drug claims, while Prime Therapeutics will work with Blue Shield to negotiate savings with drugmakers, the company said. Blue Shield will also work with CVS Caremark for specialty pharmacy services. The loss of the Blue Shield pharmacy benefit management contract is another blow to Caremark, which is also set to lose the contract to manage Centene's (CNC.N) $40 billion annual pharmacy needs from next year.

Persons: Dado Ruvic, UnitedHealth, Mark Cuban's, Paul Markovich, Mark, Manas Mishra, Mariam Sunny, Bhanvi, Shweta Agarwal, Pooja Desai Organizations: CVS, REUTERS, Blue, Cigna, UnitedHealth, Pharmacy, Wall Street, Mark Cuban, Plus, Thomson Locations: Blue, Bengaluru

☆ Jim Cramer's top 10 things to watch in the stock Thursday
▼ + stars: | 2023-08-17 | by ( Jim Cramer | ) www.cnbc.com time to read: +3 min

Dow stock Walmart (WMT) delivers a big quarterly beat. We increased our Club price target to $100 per share from $88 . As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Persons: Chuck Robbins, Mark Cuban's CostPlus, Jim Cramer's, Jim Cramer, Jim Organizations: Dow, Nasdaq, Investment, Walmart, Walmart U.S, Target, Wall Street, TJX Companies, Marshalls, Cisco, Disney, ESPN, Apple, Amazon Pharmacy, Bank of America, Adobe, Jim Cramer's Charitable, CNBC Locations: HomeGoods, TJX's, California

☆ Stocks making the biggest premarket moves: Walmart, Adobe, Cisco, Hawaiian Electric and more
▼ + stars: | 2023-08-17 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

Check out the companies making the biggest moves in premarket trading:Walmart — Shares added as much as 1% after the big-box retailer raised its full-year forecast and reported an earnings and revenue beat. Adobe — The software company added about 2% after Bank of America upgraded shares to buy from neutral. Hawaiian Electric — The utility company that oversees Maui Electric sank nearly 18% in premarket trading, continuing its slide over concerns of its potential liability in Maui's wildfires. On Wednesday, the Wall Street Journal reported Hawaiian Electric is in talks with firms that specialize in restructuring. VinFast Auto — Shares of the electric vehicle start-up fell nearly 5% in premarket trading as VinFast's stock searches for its level after debuting earlier this week.

Persons: Adobe, Cuban's, Wolfspeed, —, Alex Harring, Jesse Pound, Michael Bloom Organizations: Walmart, Refinitv . Revenue, Cisco Systems, postmarket, Refinitiv, Revenue, Adobe, Bank of America, Maui Electric, Wall Street Journal, CVS, California, Drug Company, Amazon Pharmacy, BAE Systems Locations: Williston , Vermont, California

☆ Blue Shield California drops CVS; picks Amazon, others to lower drug price
▼ + stars: | 2023-08-17 | by ( ) www.reuters.com time to read: +1 min

CVS Health logo is seen displayed in this illustration taken, May 3, 2022. Non-profit health plan provider Blue Shield, which has 4.8 million members, said it will work with partners including Amazon.com and Mark Cuban's Cost Plus Drug Company to provide at-home delivery and access to low-cost medications. Privately held Abarca will pay prescription drug claims, while Prime Therapeutics will work with Blue Shield to negotiate savings with drugmakers, the company said. Blue Shield will also work with CVS Caremark for specialty pharmacy services. The loss of Blue Shield marks another blow to Caremark, which is also set to lose the contract to manage Centene's (CNC.N) $40 billion annual pharmacy needs from next year.

Persons: Dado Ruvic, Cuban's, Privately, Manas Mishra, Mariam Sunny, Bhanvi, Shweta Agarwal, Pooja Desai Organizations: CVS, REUTERS, Wall Street Journal, Cigna, UnitedHealth, Company, Thomson Locations: Bengaluru

☆ CVS stock drops after Blue Shield of California drops the pharmacy for Amazon and Cost Plus
▼ + stars: | 2023-08-17 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCVS stock drops after Blue Shield of California drops the pharmacy for Amazon and Cost PlusSteve Valiquette, Barclays analyst, joins 'Closing Bell Overtime' to talk Blue Shield California's announcement it is dropping CVS and switching to Amazon and Mark Cuban's Cost Plus Drugs.

Persons: Valiquette, Cuban's Organizations: California, Amazon, Barclays

☆ CVS stock plunges after Blue Shield of California drops retailer's pharmacy services to save on drug costs
▼ + stars: | 2023-08-17 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +2 min

Shares of CVS Health plunged 9% on Thursday after Blue Shield of California said it will drop the company's pharmacy benefit management services and instead partner with Mark Cuban's Cost Plus Drug Company and Amazon Pharmacy to save on drug costs for its nearly 5 million members. Blue Shield will now work with five different companies to provide "convenient, transparent access to medications while lowering costs." Blue Shield CEO Paul Markovich said the plan, which is scheduled to fully launch in 2025, could save the company up to $500 million annually. Cuban's Cost Plus Drug Company will provide access to low-cost medications through retail pharmacies. Blue Shield will retain CVS Caremark for its specialty pharmacy services, which provide specialized therapies and counseling to patients suffering from complex disorders.

Persons: Mark Cuban's, Caremark, Paul Markovich, Michael DeAngelis, Centene Organizations: CVS Health, Drug Company, Amazon Pharmacy, UnitedHealth, CVS, Abarca, Blue, CNBC Locations: New York, California

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