"If there was Rank Choice voting available and Kanye West was on the ballot with Joe Biden and Donald Trump, I would have Kanye West ahead of Donald Trump," wrote Cuban, who teased a 2020 independent presidential run earlier in the year.
"If you think Biden is a joke compared to Trump you aren't paying attention. It's time to step away from all the memes and look at reality. The Pandemic Response could not be botched any worse and he refuses to take any responsibility or try to improve it. That's disqualifying," Cuban continued.
West recently posted a photo with Musk while visiting the Tesla CEO earlier in July.
"You have my full support!" Musk wrote in response to West's announcement on Twitter on Saturday.
"We must now realize the promise of America by trusting God, unifying our vision and building our future. I am running for president of the United States! #2020VISION," West wrote on Twitter on Independence Day.
West has previously floated a 2024 presidential run. Both West and his wife Kim Kardashian West have met with President Trump to discuss criminal justice reform in the White House.
"Trump is on his hero's journey right now. And he might not have expected to have a crazy m----------r like Kanye West run up and support, but best believe we are going to make America great," West said in the Oval Office in October 2018.
It's unknown how serious West is, or whether he would run as an independent. Some have pointed out that it's too late for him to get his name on the ballot as an independent in some states.