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Battle of the billionaires

This isn't the first instance of Musk and Cuban engaging in a heated exchange. In January, the two billionaires drew significant attention on social media for their sharply contrasting views on Diversity, Equity, and Inclusion (DEI) in the workforce.

The debate was ignited by a long tweet from billionaire hedge fund manager Bill Ackman, which lambasted Harvard's DEI policies.

Musk, echoing Ackman's sentiments, shared the essay and added, “DEI is just another word for racism. Shame on anyone who uses it.”

Cuban, who had recently sold a majority interest in the Dallas Mavericks but retained operational control of the team, countered Musk's viewpoint with a series of tweets emphasizing the advantages of DEI programs.

“Good businesses look where others don't, to find the employees that will put your business in the best possible position to succeed,” Cuban asserted. “By extending our hiring search to include them, we can find people that are more qualified. The loss of DEI-Phobic companies is my gain.”

Musk, however, remained skeptical, mockingly asking Cuban, “Cool, so when should we expect to see a short white/Asian women on the Mavs?”

Read more: Thanks to Jeff Bezos, you can now cash in on prime real estate — without the headache of being a landlord. Here's how

Divided by DEI

This exchange highlights the polarized opinions on DEI within the business community. On one side, there are those who, like Musk, view DEI initiatives as at best ineffective tools for achieving their purported goal of extending more opportunities to historically disadvantaged groups.

And at worst, according to Musk and his fellow critics, DEI is potentially counterproductive, even discriminatory, and at odds with merit-based hiring and promotion.

On the other side, figures like Cuban argue that DEI is crucial for tapping into a diverse talent pool and can significantly benefit business operations and make a company more competitive.

In the Fall 2023 Fortune/Deloitte CEO Survey, the majority of leaders said that DEI is built into their strategic priorities (65%) and that their board expects regular updates on DEI progress (58%).

However, recent news reports have pointed to reductions in DEI staff within some sectors.

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About the Author

Jing Pan

Jing Pan

Investment Reporter

Jing is an investment reporter for MoneyWise. He is an avid advocate of investing for passive income. Despite the ups and downs he’s been through with the markets, Jing believes that you can generate a steadily increasing income stream by investing in high quality companies.

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