Imagine waking up one day and finding out that you’re a millionaire. For many employees working under billionaires like Mark Cuban and Jay Chaudhry, this wasn’t just a dream – it was their reality. Both Cuban and Chaudhry have transformed the lives of hundreds of employees by sharing their financial successes.
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After graduating college, Cuban started his first software consulting business, MicroSolutions. When he sold it in 1990 for $6 million, he ensured that employees got 20% of the sale.
Cuban invested in and transformed AudioNet into Broadcast.com, a pioneering audio streaming service. In 1999, Yahoo bought Broadcast.com for a staggering $5.7 billion, making Cuban a billionaire. But Cuban wasn't the only one who cashed in; 300 out of 330 employees became millionaires overnight due to their stock options.
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And when he recently sold the Dallas Mavericks, he paid out more than $35 million to employees.
"It's the right thing to do," Cuban told Fortune. "No company is built alone." He firmly believes that sharing the rewards with his team is a fundamental business principle.
Jay Chaudhry, CEO of cloud-security company Zscaler, shares Cuban's philosophy. In the late 1990s, Chaudhry cofounded SecureIT with his wife, Jyoti, using all their savings to start the company. In 1998, they sold SecureIT to VeriSign, making Chaudhry wealthy.
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But Chaudhry wasn’t the only one who benefited. His employees held stock options that skyrocketed in value when VeriSign’s stock surged, turning over 70 to 80 employees into millionaires.
Luckily, Cuban and Chaudhry aren’t the only business owners who believe in being generous with their employees. Chieh Huang, the CEO of Boxed, an online wholesale retailer, goes above and beyond to care for his team. Not only does he provide great benefits, but he also pays for his employees' kids to go to college. Huang thinks that supporting his employees and their families is a big part of why the company is successful.
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Sara Blakely, the founder of Spanx, became a billionaire when she revolutionized the shapewear industry. When she sold a majority stake to Blackstone in 2021, she surprised her employees by giving them two first-class plane tickets to anywhere in the world and $10,000 in cash. While this didn’t make her employees millionaires, it was a heartfelt gesture.
What do positive actions like these show us? When business leaders share their success with employees, it creates positivity and loyalty. Employees who feel valued and appreciated are more likely to be invested in the company’s success, which benefits everyone involved.
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This article 'It's The Right Thing To Do.' Here's Why Billionaires Like Cuban And Chaudhry Made Hundreds Of Their Employees Millionaires originally appeared on Benzinga.com
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