Marc Eric Lore, whose last name is pronounced LorEE, is an American entrepreneur, businessman, investor, and NBA team owner. In December 2021, he became the Founder, Chairman, and CEO of the Wonder Group. Before that, from 2016 to 2021, he was the head of Walmart’s online shopping division, called Walmart U.S. eCommerce. He got this role when Walmart bought his company, Jet.com, which is an online shopping website he started in 2014. Walmart paid $3.3 billion for Jet.
Before his time at Jet, Lore was the CEO and co-founder of a company called Quidsi. They ran several websites, including Diapers.com. Amazon bought Quidsi in 2011 for $545 million. Lore received awards like Entrepreneur of the Year and was considered one of the smartest people in technology. Some even called him the LeBron James of e-commerce.
After leaving Walmart, he announced a big project in September 2021. He wants to create a city of the future with a different kind of capitalism. He called it Telosa.
And in November 2023, a company he started in 2018, the Wonder Group, bought Blue Apron for $103 million.
Marc Lore Net Worth
Marc Lore is a really rich guy, worth about $4.1 billion. He made all this money in the online shopping business.
In 2016, he sold a website called Jet.com for $3 billion and also bought another one called Shopify for $1 billion. But then he sold Shopify back for $2 billion a few years later. After that, he started working on Walmart’s online store and is now the boss of Walmart’s online business in the United States. Basically, he helps Walmart and other stores sell stuff on the internet, like on their own websites or through places like Shopify and Amazon.
He’s also into home security systems with his wife Jennifer Fleiss. They started doing this about five years ago, even though they didn’t know much about technology before that.
Marc Lore Early Life
Marc Eric Lore was born in Staten Island, New York, on May 16, 1971. His parents are Peter and Chiara Lore, and he’s the oldest of three siblings. He grew up in Staten Island but moved to Lincroft, New Jersey, when he was ten.
His mom was a bodybuilder and a personal trainer. In the late 1980s, she trained Julianne Phillips, a model and actress who was married to Bruce Springsteen at the time. Lore’s dad started a computer consulting company called Chadmarc Systems, named after his two sons.
When he was in seventh grade, Lore got interested in stocks and started reading books about stock options and something called derivatives. This interest led him to a career in finance. In high school, he and his friend Lax Chandra started a company that sold baseball cards called “The Mint.”
Marc Lore Education
Lore went to Ranney School in Tinton Falls from fifth grade until he finished high school in twelfth grade. In his senior year of high school, he was really fast and became the 55-meter sprint champion in New Jersey.
Even though he was really good at math, Lore didn’t take school very seriously and liked to joke around in class. He and his friend Vinit Bharara used to go to Atlantic City and count cards in casinos when they were in high school.
Lore didn’t realize that you had to start applying for college in your sophomore year of high school. He thought you could just pick a school when you wanted to go.
After high school, he got into Bucknell University, where he did track and field events like the 100-meter and 200-meter sprints, long jump, and javelin. He graduated with honors and a degree in business management and economics in 1993.
Later, he started studying statistics at Columbia University but dropped out to start working in banking. He completed a three-year program to become a Chartered Financial Analyst.
He also went to Penn’s Wharton School for a bit, but he left the MBA program to work on a company called Diapers.com. That’s where he met Scott Hilton, who was the first employee of Diapers.com.
Marc Lore Source of Income
Marc Lore Early Career
After he finished college in 1993, Lore began working at a bank called Bankers Trust in New York City. He had different jobs in investment banking, like being the vice president of managing risks in emerging markets at Credit Suisse First Boston and later becoming the executive vice president of Sanwa International Bank in London. In London, he was in charge of the bank’s Risk Management Division.
In 1997, while working at Credit Suisse First Boston, Lore and his coworker Lev Borondovsky started something called the Global Association of Risk Professionals (GARP). They also created a certification for people who manage financial risks, and it’s called the Financial Risk Manager (FRM).
Nowadays, around 50,000 people have gotten this certification, and GARP has more than 150,000 members from 195 countries. Lore and Borondovsky even wrote a book called “The Professional’s Handbook of Financial Risk Management.”
He one said:
“Risk taking is about identifying low probability shots that have big, outsized outcomes. People tend to focus too much on the low probability and the fear of failure rather than the size of the outcome. And, that’s where the biggest opportunities lie.”
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Lore helped start The Pit, Inc. in 1999 as an option to eBay for selling collectibles on the Internet. A company called The Topps Company, Inc. bought The Pit for $5.7 million in 2001. Lore was the CEO at the time. Lore joined Topps as chief operating officer of game subsidiary WizKids after the company was bought.
In 2005, Lore and Vinit Bharara started 1800DIAPERS, which changed its name to Diapers.com later on. Lore was the CEO. In 2011, Amazon paid $545 million to buy the company. Lore then worked for Amazon for more than two years.
After Lore took charge of Walmart’s online shopping in his first full year, the sales grew by a big 44%.
In the three years following Walmart buying Jet.com, their online sales nearly tripled, going up by 176%. They made it easier for people to get their groceries by offering pickup and delivery in thousands of stores.
Lore also made it possible for customers to get free two-day delivery on orders over $35 without needing a special membership, like Amazon Prime. And later, they even started offering free one-day delivery, which was similar to what Amazon Prime does. They also made it so that 2,500 of their stores could ship items to customers, and they launched Express Delivery, promising to get things to you in just two hours.
In 2017, Lore and Walmart announced something called Store No. 8. It’s like a tech hub in Silicon Valley where they work with startups that focus on things like robots, virtual reality, machine learning, and other cool tech stuff.
But even though the sales went up, Lore’s leadership at Walmart’s online division also meant they lost a lot of money, around $1.4 billion in 2018 and an estimated $1.7 billion in 2019.
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In September 2021, Lore shared his plan to create a brand new city called Telosa. He wants this city to be home to 5 million people by 2050, and the first part of it will be built for 50,000 people.
They’re thinking of putting this city in desert areas, and they’re looking at places like Utah, Idaho, Nevada, Arizona, Texas, and Appalachia as possible locations. The name “Telosa” comes from an old Greek word, “telos,” which means having a higher purpose.
Lore hired a famous architectural company called Bjarke Ingels Group (BIG), run by a Danish architect named Bjarke Ingels, to help with the city’s design.
Now, here’s an interesting part: In this city, they want to follow an idea from a book written in 1879 by a guy named Henry George. This idea is about how land should be used. In Telosa, you would be allowed to build, own, or sell a house or any building, but the land itself would still belong to the city.
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