Billionaire investor and ABC "Shark Tank" star Mark Cuban unloaded on the Federal Communications Commission's plan to fundamentally change how it oversees the open Internet.

"That will fuck everything up," said the voluble Cuban in remarks Wednesday at the Code/Media conference at The Ritz-Carlton, Laguna Niguel, Calif.

In early February, FCC Chairman Tom Wheeler proposed tough new rules for Internet lines that would prohibit wired and wireless broadband providers from collecting payment to cut to the front of the line, or blocking and throttling lawful content and services.