According to Mark Cuban, wokeness is just good business.
Billionaire “Shark Tank” star Mark Cuban said companies embracing “woke” ideology is just “good business,” pushing back against those who say it’s adversely affecting their bottom lines.
This is the same argument made for ESG inside and outside corporate spaces. ESG just means listening to employees and consumers, viewing all of society as stakeholders and working to make things better.
Does losing $28 billion count as good business? Woke going broke has just hit the big time.
Social issues are creating a market downdraft for America’s mainstay brands — just ask Target, Anheuser Busch, Kohl’s and their collective $28.7 billion loss in market value since the beginning of April.
And that doesn’t appear to count Disney whose movies have recently been underperforming.
Wokeness isn’t business, it’s ideology. ESG just turns CEOs into political czars. And while a lot of major corps, including monopolies, have embraced wokeness, institutional capture doesn’t demonstrate that it’s good business.
Nearly $29 billion in losses ought to be a wake-up call that CEOs who pursue wokeness are putting politics ahead of their shareholders.