Marc Lore is an entrepreneur and a minority owner of the Minnesota Timberwolves. Let’s look at Marc Lore’s net worth in 2024.
Marc Lore’s net worth in 2024 is $4 billion. 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 years. This is why we’ll be looking at Marc Lore’s net worth in 2024.
Although not as well-known as Alex Rodriguez, the other half of the bid to become majority owners of the Minnesota Timberwolves (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!
What is Marc Lore’s net worth in 2024?: $4 billion (estimate)
Marc Lore belongs in the exclusive three-comma club with an estimated $4 billion net worth in 2024 according to what Lore revealed to the NBA while attempting to purchase the Timberwolves.
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.
Marc Lore launches Jet.com
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 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.”
Marc Lore and Alex Rodriguez’s bid to purchase the Timberwolves
BREAKING NEWS: The @Timberwolves and @minnesotalynx will NOT be sold to Marc Lore and Alex Rodriguez per a press release
“Under terms of the purchase agreement, the closing was required to occur within 90 days following the exercise notice issued by Lore and Rodriguez. That… pic.twitter.com/q8OktqQW4K
— Sportico (@Sportico) March 28, 2024
In 2021, Lore partnered with Alex Rodriguez to begin the process to purchase the Timberwolves. They initially purchased 40 percent of the team to become minority owners.
However, in March 2024, Timberwolves owner Glen Taylor declared that the Wolves were no longer for sale. He stated that Lore and Rodriguez had failed to meet contractual obligations to become majority owners and take control of the team.
Lore and Rodriguez countered that Taylor was having “buyer’s remorse” and was calling off the sale of the Timberwolves, who are in the middle of one of their best seasons in team history, which had dramatically increased the perceived value of the franchise.
With that said, are you surprised by Marc Lore’s net worth in 2024?
About the Author
Kriel Ibarrola is a writer for ClutchPoints.
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