Net Neutrality could have deeply damaging implications, according to billionaire investor Mark Cuban. He didn't mince words when speaking about the topic this week with Re/Code, telling the publication that he believes Net Neutrality will "f**k everything up."

Cuban's comments this week follow FCC Chairman Tom Wheeler's announcement in early February of a new Net Neutrality proposal that he says will safeguard the Internet by prohibiting service providers from blocking and throttling online content and services.

The billionaire investor, who owns the NBA's Dallas Mavericks and appears on ABC's Shark Tank, went on to say that Wheeler's proposal is effectively an attack on major media companies.

“Net neutrality is just a demonization of big companies,” Cuban said, adding that there is no evidence that suggests Internet providers are guilty of regularly throttling Internet access.

Cuban went on to say that he fears the day when politically chosen appointees at the FCC have control over the Internet. “Having them overseeing the Internet scares the sh** out of me," Cuban said.

As part of the new Net Neutrality proposal, the Internet would be treated as a utility, with the FCC able to command more authority over it, according to GameSpot sister site CNET.

Cuban added that he wouldn't have an objection, however, to Congress passing a law that prohibits Internet providers from discriminating against or blocking certain legal websites.

The executive is not the first to speak out against Wheeler's new Net Neutrality proposal.

"Heavily regulating the Internet for the first time is unnecessary and counterproductive," Verizon deputy general counsel Michael Glover said earlier this month.

The FCC is expected to vote on Wheeler's proposed rules on February 26. For lots more on Net Neutrality and what it means for you, read CNET's in-depth coverage.