Cuban turns tables on SEC….. via BLOG!
A quick bit of context: Mark Cuban, an outspoken sports franchise owner, entrepreneur and businessman was recently charged by the SEC with allegations of insider trading. He allegedly sold shares of mamma.com based on non-public information prior to the announcement of a new round of financing that would have diluted his shares (a no-no).
The first part of this title is a link from the Drudge Report (for the uninformed, a “conservative flavored” news-linked website with over 25 million hits on a slow day). I added the “via BLOG!” part after finding out that the Drudge Report link took you straight to Mark Cuban’s blog. On his blog, Cuban has gone on the defensive and offensive in regards to this prosecution. Yesterday he questioned the motives and actions of the prosecution. As I write this, he posted evidence of discrepancies in the prosecution’s case, which was heavily (and in my opinion, inequitably) covered by the media.
After some thought, I find Cuban’s blogging to be quite effective. Had Mark just sent out a press release, would it have gotten to so many people? The link to his blog has been seen by over $25 million in one day! Also, would the press have published Cuban’s statements or would they have just continued with the negative slant? It is rare that the mainstream media would just publish a press release, or at least not without their own commentary.
After reading the prosecutions case, I thought it was a clearly an open-shut case. That may be, but I never considered the other side, and what, if any motives, the prosecution may have had. After reading Cuban’s blog, I am certainly skeptical of this case and more willing to question the prosecution. I think this proves blogging to be a very powerful tool, giving people a voice not just to express their opinions, but also to defend themselves or to provide another perspective that the likes of mainstream media may not be providing.
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