Mark Cuban Blames 3M: In an interview with Bloomberg, Mark Cuban criticized the ineffectiveness of 3M in maintaining low prices of N95 masks. He also alleged that 3M is not producing enough number of masks that are required at this time of emergency.
The USA accounts for more than 160,000 confirmed cases, the highest number in the world, and more than 3,000 deaths. In such time, the unavailability of N95 masks poses difficulty in curtailing the spread of COVID-19.
Who Is Mark Cuban?
Mark Cuban is an American entrepreneur and investor, owner of the NBA team Dallas Mavericks, and chairman of AXS TV. He is one of the main “shark” investors on the television series, Shark Tank.
Mark pledged to give the hourly employees the payment of 6 games that were cancelled during NBA hiatus.
He has also initiated a program to pay for daycare for the children of healthcare workers .
The Glimpses Of Interview (Mark Cuban Blames 3M)
Cuban said he got an email from a distributor trying to sell him masks at a premium price.
“I have emails saying, ‘I have 100,000 masks per sale at $8 per piece.’… I literally have been offered billions of masks at premium prices from $4 to $8, million-dollar minimum orders, who knows what’s real,” he described.
Cuban said that the distributors ,listed only by 3M , are making a fortune through price gouging.
He further said, “It’s operating like an illegal drug market. ”
Mark is working with non-profit online portal Project N95. The portal provides personal protective equipment to frontline medical workers across America.
What 3M Says On Production?
3M has doubled its production of N95 respirator masks since the coronavirus outbreak to 100 million a month, Street Insider reported.
On March 20, CEO Mike Roman announced that the company would double global production of N95 masks to about 100 million a month through the end of 2020 and annual production to 2 billion a year over 12 months.
What 3M Said On The Remark? (Mark Cuban Blames 3M)
A representative for 3M said that the company hasn’t changed the prices of respirators , and can’t control the prices dealers or retailers charge for their products.
The N95 respirator manufacturer also released a letter on March 19 from Chief Executive Officer Mike Roman saying that 3M is “committed to fight the spread of COVID-19 by supporting the healthcare workers”.
“The company strongly condemns any unethical actions of fraudulent and counterfeiting involving 3M products,” the letter stated.
Cuban said that 3M has not been a “good corporate citizen.”
“I’m not going to put it all on 3M but they should have stepped up and done something right off the back.”
Check out which game China banned which simulates a fictional pandemic.