Business mogul Mark Cuban once made a spontaneous purchase of a lifetime flight pass from American Airlines during a celebratory spree, later upgrading it.
Business mogul Mark Cuban once made a spontaneous purchase of a lifetime flight pass from American Airlines during a celebratory spree, later upgrading it.
What Happened: Cuban revealed in a recent podcast that he acquired the pass in the aftermath of selling his first business, MicroSolutions, for a whopping $6 million.
He said during the podcast that In a celebratory mood, he reached out to American Airlines to inquire about the lifetime pass, and upon confirmation of its availability, he immediately bought it for $125,000.
The pass, dubbed the AAirpass, was launched in the early 1980s, providing unlimited first-class travel for life. The price was determined by the buyer’s age at the time of purchase.
"They're like, ‘What do you think you're going to do with all this money?' And I'm like, ‘I don't care about cars or houses, but boy, you know, I fly a lot for work, " he said during the interview.
Also Read: Here’s How Mark Cuban Made 91% Of His Employees Millionaires
"I got all that information, hungover as hell, and I signed up. Initially, it was $125,000 and then I upgraded it. I forget how much I paid, but it gave me almost unlimited miles for me and somebody else for the rest of my life," he added.
At 32 years old, Cuban bought the pass, which is now estimated to be valued at around $300,000 today, after adjusting for inflation.
Following the demise of his father, Cuban transferred the AAirpass to a friend. However, American Airlines has since phased out the unlimited pass, terminating the program in March 2024.
Why It Matters: Despite his lavish spending habits, Cuban advocates for a frugal lifestyle, comparing it to that of a “college student”, and urges people to save money.
The billionaire has been residing in the same house for the past 18 years and continues to drive the same cars.
His impulsive purchase of the pass, which has significantly appreciated in value, underscores his knack for making shrewd investments, even when made in a state of inebriation.
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
