Marc Lore’s net worth 2022: You may have come across the name of the ambitious entrepreneur, Marc Lore, a former CEO of Walmart who is currently planning on building a Utopian city in the US desert. Curious to know more about him? Read on as we take you through the biography, salary, earnings, and net worth of Marc Lore. As a bonus, you’ll also learn how Marc Lore acquired his fortune.
Who is Marc Lore and How Much is He Worth?
||Marc Eric Lore
|Date of Birth
||May 16, 1971 (age 51)
||Entrepreneur and Investor
||5 ft 11 in (1.80 m)
||United States of America
|Source of Wealth
Marc Lore is an American entrepreneur, businessman, investor, and NBA owner with an estimated net worth of $4 billion. Between 2016 to 2021, Lore served as the President and CEO of Walmart, a U.S eCommerce store.
Following the acquisition of his company Jet.com, an e-commerce store by Walmart, for $3.3 billion, he was subsequently appointed to lead Walmart’s e-commerce division. Prior to Walmart and Jet, Marc was the CEO and co-founder of Quidsi, the parent company of a family of websites including Diapers.com.
In 2011, he sold Quidsi to Amazon for $545 million. In September 2011, Lore announced “a multi-decade project to build a city of the future supported by a reformed version of capitalism” known as Telosa.
So how much do you know about Marc Lore? Read on as we take you through the journey of how Marc Lore became a billionaire.
Marc Eric Lore was born on May 16, 1971, in Staten Island, New York, United States of America. He is the son of Peter Lore, who owned a consulting company and Chiara Lore, who was a bodybuilder and personal trainer. Marc is the oldest of three children. His family relocated to the small town of Lincroft, New Jersey when he was ten years old.
For his education, Marc Lore attended Ranney School in Tinton Falls, New Jersey from 5th to 12th grade. In 1989, he graduated from high school. Following his graduation, he proceeded to Bucknell University where he obtained his Bachelor of Arts in Business Management and Economics.
Marc also attended Columbia University but dropped out before getting a master degree in Statistics. During this time, he completed the Chartered Financial Analyst three-year program. He also enrolled to study for the MBA program at The Wharton School, however, he dropped out to start Diapers.com, an online retailer for baby products.
After graduating from college in 1993, Lore picked a job at Bankers Trust in New York City. While working with the bank, he held various investment banking positions. He also served as the vice president of emerging markets risk management at Credit Suisse First Boston and executive vice president of Sanwa International Bank in London.
While at Credit Suisse First Boston, Lore and his colleague, Lev Borondosvsky started the Global Association of Risk Professionals (GARP) and founded the Financial Risk Manager (FRM), a certification for financial risk managers.
In 1999, Lore co-founded The Pit Inc., an internet market-making collectible company constructed as an alternative to eBay. In 2001, the company was sold to the sports collectible company, The Topps Company for $5.7 million. Following the acquisition, he joined Topps as a chief operating officer of gaming subsidiary Wizkids.
In 2005, Lore and Vinit Bharara co-founded Diapers.com, a company he served as CEO. In 2011, the company was sold to Amazon for $545 million and then started working for Amazon.
Lore, Nate Faust and Mike Hanrahan co-founded the eCommerce company, Jet in 2014. On August 8, 2016, Walmart agreed on a deal to acquire Jet.com for $3.3 billion. Following the acquisition, Lore was appointed president and chief executive officer of Walmart U.S. eCommerce, a position he held till January 31, 2021.
Marc Lore is the lead investor in Archer Aviation, an electric vertical takeoff and landing (eVTOL) company focused on advancing the benefits of sustainable air mobility. In February 2021, Archer Aviation announced Lore would be investing an additional $10 million.
On May 12, 2021, Lore and Alex Rodriguez announced a new venture capital firm called Vision Capital People or VCP. The company was launched with $50 million contributed by both Lore and Alex. On July 21, 2021, Lore, Alex Rodriguez, and Dave Portnoy were named as investors of the online brokerage firm, Tornado.
Lore and Alex Rodriguez became the official owner of the NBA team, the Minnesota Timberwolves.
In September 2021, Lore launched Telosa, a city he is building from scratch. The project has a target population of 5 million people by 2050. Telosa is intended to be built on desert land, with Utah, Idaho, Nevada, Arizona, Texas, and Appalachia proposed as potential locations.
Eager to learn more about Marc Lore’s personal life including his relationship status? Marc Lore was married to Carolyn Elizabeth, however, they got divorced. Together they had two daughters Ѕіеrrа Lоrе аnd Ѕорhіа Lоrе.
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Marc Lore Net Worth, Salary and Earnings 2022
As of September 2022, Marc Lore has an estimated net worth of $4 billion. Lore has numerous sources of income. He has earned a lot of money from his numerous investments and as the CEO of many companies.
His income flow could be traced down to his ownership of over 35,000 units of Walmart Inc stock. These stocks are worth over $177,692,731 and over the last 5 years, he sold WMT stock worth over $147,663,350. He also earned $10,264,000 as Walmart Inc.’s Executive Vice President and President and Chief Executive Officer (CEO).
Lore has started and sold four companies including Jet.com which Walmart bought for $3.3 billion ($477 million cash payment) in 2016, and Quidsi (parent of Diapers.com), acquired by Amazon for $545 million in 2011. In 2001, he sold The Pit to Topps for $5.7 million.
Marc Lore is an ambitious entrepreneur and has shown that with the ability to build fortunes from the scratch and sell them off for billions of dollars.
Real Estate Investments
Mar Lore also has investments in real estate. In 2018, Lore paid $43.79 million for a New York Penthouse. The house which is located at 443 Greenwich Street sits on 8,569-square-foot property featuring five bedrooms and its own private outdoor pool.
Marc Lore is an American entrepreneur, businessman, investor, and NBA owner with an estimated net worth of $4 billion. Between 2016 to 2021, Lore served as the President and CEO of Walmart, a U.S eCommerce store. Lore is an ambitious entrepreneur who takes big steps to get big results.