Marc Lore’s name used to be known only in the stock market and business world, but it has now become a fixture in NBA circles over the past few days. This is why today, we’ll be looking at Marc Lore’s net worth in 2021.
Although not as popular as Alex Rodriguez, the other half of the incoming Minnesota Timberwolves new owners (who’s also worth boatloads of money by the way), Lore is also a huge part of the operation.
While the 49-year-old entrepreneur and investor is considered as A-Rod’s silent partner, he does bring an awful lot to the table. A LOT!
Marc Lore’s net worth in 2021 (estimate): $4 billion
Marc Lore belongs in the exclusive three-comma club with an estimated $4 billion net worth in 2021, according to WealthyPersons.com.
The bulk of his wealth has come from the acquisitions of his start-up companies, which he built from the ground up. Lore began building his massive net worth by selling his Internet market-making collectible company The Pit, Inc. to The Topps Company, Inc. for $5.7 million in 2001.
He assumed the role of Chief Operating Officer for Topps’ gaming subsidiary WizKids before moving on to another project in 2005.
Lore founded Quidsi and became its CEO that same year. With him at the helm, Quidsi became a growing e-commerce powerhouse alongside its parent company Diapers.com.
Amazon soon took notice and absorbed the company for a whopping $545 million in 2011. The same trend continued as Lore worked for Amazon for two years before starting another project.
Lore’s most successful business venture came in 2014 when he launched Jet.com, another e-commerce company that offers stock options.
After raising $140 million in pre-launch funding, Lore’s new company took off and was lauded for cheaper prices than Amazon, although it did have longer delivery times.
Walmart saw Jet.com as an opportunity to compete with Amazon as the leader of the e-commerce market and brokered a deal to buy the company in 2016.
Jets.com was sold for $3.3 billion, with Lore reportedly netting $750 million for himself, along with $250 million in stock.
The deal also came with a shiny job title for Lore, as he assumed the post of President and Chief Executive Officer of Walmart U.S. eCommerce. Walmart’s e-commerce sales rose up to 44 percent in Lore’s first year.
He stepped down from his CEO role last January and will now reportedly focus on building a multi-decade project to build “a city of the future.” Looks like he took a detour from the time being by partnering up with A-Rod to purchase the struggling Timberwolves franchise.
Following Lore’s rise in the business world in such a short amount of time, he was named by Fortune as “one of the smartest people in technology.” Businessman Matt Higgins also dubbed him the “LeBron James of e-commerce”.
Lore and Rodriguez, meanwhile, will take over the Timberwolves franchise starting 2023.
As of the moment, outgoing owner Glen Taylor still has full control of the team with a $1.5 billion valuation, which also includes the WNBA’s Minnesota Lynx as well.
Sure, some die-hard Timberwolves fans are disappointed that Kevin Garnett’s group was unable to purchase the team. But looks like they’ll be in good hands with Rodriguez and Lore.
The Timberwolves have been engulfed in a culture of losing for years. If Lore can pull off the same magic he did for Walmart’s e-commerce division, then perhaps Minny can finally brush off that tag of being the league’s laughing stock.
With that said, are you surprised by Marc Lore’s net worth in 2021?