People often struggle with keeping leftover food fresh. Most of us rely on plastic wraps or containers, but these can be inconvenient and wasteful. Plastic wrap doesn’t always stick well, and containers take up too much space. This leads to frustration, wasted food, and added clutter in the kitchen.
Michael Tseng came up with a solution to solve this everyday problem. He created the PlateTopper, an airtight cover that suctions directly onto a plate. It replaces the need for plastic wrap and bulky containers. The PlateTopper is microwave and dishwasher-safe, making it both practical and easy to use.
Michael presented his product on Shark Tank in Season 4, hoping to secure an investment to grow his business. He wanted $90,000 for 5% equity. Did the entrepreneur get a deal on Shark Tank? Check out our PlateTopper update to find out!
PlateTopper Net Worth Shark Tank Update 2025
Michael Tseng went on Shark Tank asking for $90,000 for 5% of his company. This meant he thought his business was worth $1,800,000. He made a deal with Lori Greiner for $90,000 for 8%, lowering the valuation to $1,125,000, but the deal later fell through. The episode was aired on November 2, 2012. The product is now inactive. The current net worth of PlateTopper is $0 in 2025.
The deal with Lori Greiner never closed. Even though Lori offered $90,000 for 8% equity, Michael and Lori could not agree on the terms after the show. Despite this, the PlateTopper saw some success. It continued to sell on QVC and in Walmart stores.
Michael also expanded the product line with new items, such as a bowl topper. However, over time, the PlateTopper lost its popularity. By October 2022, the product was no longer available on store shelves or online. The company eventually shut down. As of today, the PlateTopper is out of business. This is our final PlateTopper update.
Michael Tseng did get a deal on Shark Tank, but it didn’t go smoothly. Initially, Lori Greiner offered $90,000 for 5% equity. Michael hesitated and tried to negotiate for a better deal, which frustrated some of the sharks. Lori eventually changed her offer to $90,000 for 8% equity, and Michael accepted.
| Shark(s) name | Lori Greiner | Counteroffer | Accepted? |
| Lori Griener | 1# $900,000 for 30% equity 2# $90,000 for 10% equity 3# $90,000 for 8% equity | $90,000 for 5% equity | Yes |
| Robert Herjavec | Out | N/A | N/A |
| Kevin O’Leary | $90,000 for 5% royalty | N/A | No |
| Daymond John | $1 million for 25% equity | N/A | No |
| Mark Cuban | Out | N/A | N/A |
PlateTopper Shark Tank pitch
Michael Tseng is the creator of PlateTopper. He is an engineer who wanted to solve a simple problem: food storage. Michael noticed how annoying it was to keep leftovers fresh without wasting plastic wrap or using bulky containers. This inspired him to design the PlateTopper.
Michael faced many challenges while developing the product. He worked hard to make sure it was durable, safe, and user-friendly. He also wanted it to be microwave and dishwasher-safe. These features made the PlateTopper stand out.
Michael managed to get the PlateTopper on QVC and in Walmart stores before appearing on Shark Tank. His success showed that people loved the product, but he needed investment to expand even further.
Michael entered Shark Tank with confidence. He demonstrated how the PlateTopper suctions onto a plate, creating an airtight seal. He explained that the product was microwave and dishwasher-safe, making it easy to use and clean.
Michael asked for $90,000 in exchange for 5% equity. He shared impressive sales numbers. The PlateTopper had already been sold on QVC and in Walmart stores. Michael also claimed that the product had $1 million in pre-orders within just four months. This caught the sharks’ attention. Keep reading our PlateTopper update to see what happens next!
Each shark had questions about the PlateTopper and Michael’s business:
Lori Greiner: Lori asked if the PlateTopper was already in retailers. Michael told her it was sold in Walmart and featured on QVC.
Kevin O’Leary: Kevin wanted to know about the profit margins. Michael revealed that he expected $500,000 in profit from the $1 million pre-orders.
Mark Cuban: Mark asked about the valuation. He wanted to know why Michael believed the company was worth more than $15 million. Michael explained his projections, but Mark was not convinced.
Daymond John: Daymond asked how Michael planned to use the investment money. Michael said he wanted to expand production and marketing.
The sharks were impressed with the product but concerned about Michael’s high valuation.
Here’s how the sharks responded to Michael’s pitch:
Lori Greiner: Lori loved the product and offered $900,000 for 30% equity. Later, she reduced her offer to $90,000 for 5%, and finally, $90,000 for 8%. Michael accepted her final offer.
Daymond John: Daymond liked the idea but felt Michael’s attitude was off-putting. He offered $1 million for 25% equity but withdrew after Michael rejected it.
Kevin O’Leary: Kevin offered $90,000 for a 5% royalty on all sales. Michael declined, saying he was not interested in a royalty deal.
Mark Cuban: Mark asked about offering a line of credit but backed out when Michael didn’t agree.
Robert Herjavec: Robert liked the product but didn’t make an offer. He felt the valuation was unrealistic.
The final deal was Lori’s $90,000 for 8%.
Product Availability
From our PlateTopper update research, the PlateTopper is no longer available for purchase. Initially, it was sold in Walmart stores and on QVC. Michael also launched new products, such as a bowl topper.
However, the company eventually stopped selling its products. As of 2022, the PlateTopper is out of business. There is no official website or online store where the product can be found.
Conclusion
The PlateTopper started as a promising solution to food storage problems. Michael Tseng impressed the sharks with his innovative product and impressive sales numbers. However, issues with valuation and communication during the pitch caused problems.
Although Michael accepted a deal with Lori Greiner, the deal never went through. The PlateTopper continued to sell for a while but eventually disappeared from the market.
This journey highlights the challenges of growing a business, even with a great product. While the PlateTopper is no longer available, its story remains a memorable part of Shark Tank history.
Hey, I’m Amna Habib an undergraduate student of Bachelors in Business Administration. Shark Tank is one of my favorite TV shows of all time. The show provides a fascinating insight into the world of entrepreneurship by presenting creative solutions to common problems, which strongly connects to my academic interests. I’m interested in learning more about the strategic thinking and creativity that lead these companies as each pitch provides insightful information. I’ve found that watching Shark Tank has inspired my enthusiasm for business and entrepreneurship and has been a very enlightening and motivating experience. Apart from business and writing, I love food, shopping, and hanging out with friends and family. Read more About me.
