NBA team owner and "Shark Tank" star Mark Cuban Mark Cuban said billionaire nemesis Donald Trump's business reputation and brand name are irreparably damaged.
"There's just a stigma attached to his brand now," Cuban, the Dallas Mavericks owner, told CNBC. (Editor’s Note: CNBC owns the exclusive off-network cable rights to "Shark Tank," which features Cuban as a judge.)
When asked about the state of Trump's business branding, Cuban responded that it's "done" and "over." Cuban, who has publicly endorsed Hillary Clinton, explained that Trump's brand went from being a "top five brand" to one that's "recognized by everybody for the wrong reason," CNBC explained.
Trump and Cuban have been publicly sparring amid the most contentious presidential election in modern memory. Cuban also recently said that Trump is "an immediate and present danger to the security of this country" during a CNN Money interview.
"His inability to control the things he says, his inability to understand the impact of what he says, his inability to have situational awarenesses creates risk for my country, for my kids, for my family, for everybody I know," Cuban said.
The U.S. president must be fully aware that his words matter. According to Cuban, "When there's a misperception of those words — something he just blurted out — that can have serious economic and security consequences."
"He has yet to demonstrate that he can keep his mouth shut at the right time. That scares the **** out of me," Cuban said in the CNN interview.
About a month ago, Trump said about Cuban," He's not smart enough to know what I'm doing." That led to Cuban making a challenge to Trump on Twitter calling on the candidate to agree to a four-hour policy interview with Cuban.
Trump has not responded, according to Cuban.
However, Cuban isn't alone in mentioning permanent damage to the Trump brand.
“The Trump brand used to be one-dimensionally focused on success. It was simple and relevant to a large audience,” Allen Adamson, founder of consulting company BrandSimple, told Bloomberg News. “Now it’s more complex and polarizing and relevant to a smaller market segment.”
A large chunk of Trump's business depends on filling $500-a-night ritzy hotel rooms, charging golfers thousands of dollars a year in membership fees and selling multimillion dollar apartments. That means appealing to consumers who are relatively wealthy, well educated and clustered in the major cities -- precisely the groups that Trump’s presidential campaign has tended to alienate.
Meanwhile, the Americans who flock to the tycoon’s rallies are more likely to be over 55, without a college education and from rural areas. They might buy “Make America Great Again” hats from Trump, but not too much else, Bloomberg reported.
Among people making more than $150,000 -- the ones who can best afford his products -- Trump’s consumer appeal is fraying.
That helps explain why Trump’s hotels, casinos and golf courses in the U.S. saw their market share of visits fall by 14 percent in July from a year earlier, according to Foursquare, which tracks the locations of 50 million users.
The hardest-hit venues were in New York and Chicago, while the drop-off was steepest among women in Democrat-leaning states. Travel website Hipmunk, which caters to younger travelers, said Trump’s share of hotel bookings on its site has fallen 58 percent in a year.
(Newsmax wire services contributed to this report).
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