Cuban appeared at the Dallas Startup Week on Tuesday; there, he discussed the challenges entrepreneurs face when deciding whether to invest in companies based on an individual's immigration status, dallasnews.com reported.
“Right now, we're being really, really, really stupid by taking really, really, really educated people who could do a lot for our really, really important economy and sending them home,” he said.
While he said he believes the current administration is working to improve the situation, Cuban added that “it’s not happening fast enough.”
"Just to be brutally honest, we're doing it the wrong way," he said according to dallasnews.com.
The criticism from the “Shark Tank” star and deep-pocketed investor came just a month after he told Fox News in an email that he was not completely ruling out a run for the White House.
“The tea leaves would have to align perfectly,” he wrote.
Cuban has said in the past he would run as Republican, and he has often criticized the idea of a third-party candidate.
Fox News’ Liam Quinn contributed to this report.