Money and Meaning

A Collection of Writings on Investing and Living with Cancer

Weekend Reflections: Middle-Class Billionaire

Just the other day, I heard a new oxymoron “middle-class billionaire,” Because I don’t live in that ZIP code, I had to Google what it meant. Apparently, it means an ultra-rich person who lives modestly. A positive connotation

Just as I was getting comfortable with this definition of the phrase, Mark Cuban threw a curveball. He announced selling the Dallas Mavericks, citing the challenges of being just a middle-class billionaire competing with other NBA owners who are bigger billionaires.

The deal brings him a cool $2.5 billion in cash, with Cuban retaining 27% ownership, overseeing basketball operations, and, of course, continuing his court-side yelling at referees.

The icing on the cake, however, is the potential windfall from lobbying the Texas legislature to legalize gambling in the state. Dallas Mavericks, and its new owners, the family that controls Las Vegas Sands, will be ready to rake it in with their new sports arena, casino, and resort when they pull off that feat.

I guess the definition of middle-class billionaire just changed from being modest to not being rich enough!