Mark Cuban extended his support to President Donald Trump‘s new ‘Gold Card’ scheme to obtain U.S. citizenship if these cards were sold to corporations who hire immigrants. Billionaire entrepreneur and Dallas Mavericks owner added that the “H1b Visa game is ridiculous.”
What Happened: Cuban proposed a new way for high-skilled workers to obtain U.S. citizenship in his latest X post.
Agreeing with President Trump on generating revenue via handing over citizenships, Cuban added that corporations could pay $5 million for an employee earning over $500,000 per year to get immediate citizenship, provided they pass a thorough background check.
Cuban argues that if a person is highly valuable to a company, the company should be willing to pay for the right to employ them in the U.S. He further suggests that if companies are not going to hire American workers, they should at least contribute to the tax base for the privilege of hiring foreign talent.
The billionaire investor also believes the current H-1B visa system, which uses a lottery and has caps, is “broken.”
This comes after Trump addressed the amount of revenue that could be generated via selling ‘Gold Cards’ during a press conference. He said, “If we sell a million – that’s $5 trillion… if we sell 10 million, that’s $50 trillion. That means our debt is totally paid off, and we have $15 trillion above that.”
Why It Matters: As the President and corporate tycoons agree to generate revenue via this route, a 2024 report by the American Immigration Council highlighted that immigrant entrepreneurs make up 22.6% of all entrepreneurs nationwide.
According to the study, from the New American companies that made the 2024 Fortune 500 list, 46%, or 230 companies, were founded by immigrants or their children and each company employs about 67,332 workers.
Here are the names of a few listed entities that are new entrants in the Fortune 500 list, hiring and led by immigrants.
| Stocks | YTD Performance | One Year Performance |
| GE HealthCare Technologies Inc. GEHC | 11.44% | -5.80% |
| EchoStar Corp. SATS | 37.27% | 139.31% |
| DoorDash Inc. DASH | 16.28% | 49.88% |
| Microchip Technology Inc. MCHP | 3.48% | -32.28% |
| Prologis Inc. PLD | 18.86% | -7.25% |
| Interactive Brokers Group, Inc. IBKR | 12% | 84.04% |
| Xylem Inc. XYL | 12.88% | 2.38% |
| Monster Beverage Corp. MNST | 4.47% | -6.58% |
| Super Micro Computer Inc. SMCI | 37.97% | -61.41% |
| Concentrix Corp. CNXC | 3.72% | -36.66% |
Apart from these, the ‘Magnificent 7,’ ‘Big Tech’ and other U.S. giants also hire many immigrants and they can boost the U.S. government revenue by purchasing ‘Gold Cards’ for their talented and deserving employees as suggested by Mark Cuban.
Price Action: The SPDR S&P 500 ETF Trust SPY and Invesco QQQ Trust ETF QQQ, which track the S&P 500 index and Nasdaq 100 index, respectively, rose on Friday. The SPY was up 1.56% to $594.18, and the QQQ also advanced 1.56% to $508.10, according to Benzinga Pro data.
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