‘If we are going to bailout companies we need to make sure all employees benefit from a turnaround, not just execs. This would be a step toward income equality.’
That’s billionaire Mark Cuban taking to Twitter TWTR, -6.11% on Tuesday to lay out rules for bridging the growing divide between executives and workers.
Cuban said he believes that any industry hit hard by the coronavirus pandemic — and there are MANY — should be required to share any federal incentives with all employees. And second, he said no stock options should be repriced at lower levels unless every worker owns stock.
“Everyone must be treated equally,” he wrote.
Here’s the full note:
Cuban’s take was mostly cheered, with CNBC’s Kelly Evans calling it “genius” and one fan making a late push for him to perhaps jump into the 2020 election:
Of course, as the pandemic continues to take its toll on the economy, calls for federal assistance for large companies have rung out, including a $50-billion plea from the airline industry.
President Trump on Tuesday said he’s considering a “big, bold” stimulus package.
Cuban, who vowed to pay hourly employees for his Dallas Mavericks after the NBA suspended its season, appears to be all for bailing out some of the hardest hit areas of the economy, as long as it benefits more than just those at the top of the corporate food chain.
Investors were rattled again on Wednesday morning, with the Jones Industrial Average DJIA, -4.46% dropping more than 1,000 points in early trade. The Nasdaq Composite COMP, -2.99% and S&P 500 SPX, -3.83% were also hit hard.