Billionaire entrepreneur Mark Cuban announced he is working with the Trump administration on a drug cost reduction initiative, while simultaneously dismissing speculation about a potential presidential campaign.

Cuban said he is collaborating closely with the administration's TrumpRx program through his Cost Plus Drugs pharmacy platform. The partnership aims to reduce prescription drug costs for consumers, though specific details about the scope and timeline of the collaboration were not immediately available.

The announcement comes as Cuban has faced ongoing speculation about his political ambitions. However, he definitively ruled out a presidential bid, putting an end to rumors that had circulated about his potential entry into the race.

Cuban's Cost Plus Drugs company operates as an online pharmacy that sells generic medications at cost plus a flat markup, positioning itself as a transparent alternative to traditional pharmaceutical pricing models. The platform has gained attention for its approach to making medications more affordable.

The collaboration represents an unusual bipartisan effort in healthcare policy, bringing together a prominent business figure known for his outspoken views with the current administration on an issue that affects millions of Americans struggling with prescription drug costs.