Curious what is Marc Lore net worth is in 2022? Marc is a former CEO of Walmart who is currently trying to develop a Utopian city in the United States desert. Do you want to learn more about this ambitious entrepreneur? You will learn about Marc Lore’s biography, salary, earnings and net worth in this article. In addition, you’ll also discover how Marc Lore made his fortune.
Who is Marc Lore and What is His Net Worth?
|Full Name||Marc Eric Lore|
|Date of Birth||May 16, 1971|
|Country||United States of America|
|Height||5 ft 11 in (1.80 m)|
|Profession||Entrepreneur and Investor|
|Net Worth||$4 Billion|
|Source of Wealth||Diversified|
|Last Updated||July 2022|
Marc Lore net worth is at $4 Billion and he’s an American entrepreneur, businessman, investor, and NBA owner. Lore was the President and CEO of Walmart, a US eCommerce retailer, from 2016 until 2021.
Marc was the CEO and co-founder of Quidsi, the parent business of a family of websites including Diapers.com. Lore then joined Jet.com, an e-commerce store, that acquired Walmart for $3.3 billion. Following this acquisition, he was named to oversee Walmart’s e-commerce segment.
Marc Lore sold Quidsi to Amazon for $545 million in 2011. He unveiled Telosa, a “multi-decade effort to develop a metropolis of the future backed by a reformed version of capitalism,” in September 2011.
Do you want to know more about Marc Lore? Continue reading as we walk you through his journey to becoming a billionaire.
Marc Lore Early Life
Marc Eric Lore was born in Staten Island, New York, on May 16, 1971. He was born to his father, Peter Lore, and to his mother, Chiara Lorea. His father was the consulting firm owner while his mother was a bodybuilder and personal trainer. Marc is the eldest of three siblings. When he was ten years old, his family moved to the little town of Lincroft, New Jersey.
Marc Lore received his education at Ranney School in Tinton Falls, New Jersey, from the fifth to the twelfth grades. He graduated from high school in 1989, and after that, he continued his education at Bucknell University, where he earned a Bachelor of Arts in Business Management and Economics.
Marc Lore attended Columbia University as well, he finished the three-year Chartered Financial Analyst program. However, he dropped out before completing his master’s degree in statistics. He also enrolled in The Wharton School’s MBA program but dropped out to launch Diapers.com, an online store for baby supplies.
Marc Lore’s Early Career
Lore chose a job at Bankers Trust in New York City after graduating from college in 1993. He had numerous investment banking jobs while working for the bank. He has also held the positions of vice president of emerging markets risk management at Credit Suisse First Boston and executive vice president of Sanwa International Bank in London.
While working at Credit Suisse First Boston, Marc Lore and his colleague, Lev Borondosvsky, developed a certification program for financial risk managers called the Financial Risk Manager (FRM), and they also founded the Global Association of Risk Professionals (GARP).
Lore then co-founded The Pit Inc. in 1999, an internet market-making collection company designed as an alternative to eBay. The company was acquired by a sports collectible company, The Topps Company, for $5.7 million in 2001. Following the acquisition, he became the chief operating officer of Topps’ gaming subsidiary Wizkids.
Lore and Vinit Bharara co-founded Diapers.com in 2005, and he served as the CEO. The company was sold to Amazon for $545 million in 2011, and Lore began working for Amazon following the acquisition.
Marc Lore’s Later Career
In 2014, Marc Lore with Nate Faust and Mike Hanrahan co-founded Jet, an eCommerce firm. The company was sold to Walmart for $3.3 billion on August 8, 2016. Lore was appointed president and chief executive officer of Walmart U.S. eCommerce following the acquisition, a post he held until January 31, 2021.
Marc Lore is also the lead investor of Archer Aviation, an electric vertical takeoff and landing (eVTOL) startup dedicated to expanding the benefits of sustainable air mobility. Archer Aviation announced Lore’s further $10 million investment in February 2021.
Marc Lore and Alex Rodriguez announced the formation of Vision Capital People, or VCP, on May 12, 2021. Lore and Alex each invested $50 million in the company. Marc Lore, Alex Rodriguez, and Dave Portnoy were named investors in Tornado, an online brokerage firm, on July 21, 2021.
He and Alex Rodriguez become the official owners of the Minnesota Timberwolves of the NBA.
Marc launched Telosa, in September 2021, a city project he is creating from the ground up. By 2050, the project hopes to have a population of 5 million people. Telosa is meant to be built on desert territory, with prospective locations including Texas, Utah, Nevada, Idaho, Arizona, and Appalachia.
Are you curious about Marc Lore’s personal life, especially his current relationship status? Marc Lore married Carolyn Elizabeth, but the couple divorced. They had two daughters, Sophia Lore and Sierra Lore.
Marc Lore Net Worth, Salary and Earnings 2022
Marc Lore’s net worth is predicted to be $4 billion as of July 2022. Lore earns money in a variety of ways. Lore earned a lot of fortune through his multiple investments and as the CEO of numerous businesses.
His income was traceable back to his holding of over 35,000 units of Walmart Inc shares. These equities are worth more than $177,692,731, and he sold WMT shares worth more than $147,663,350 in the last 5 years. He also earned $10,264,000 as Executive Vice President and President and Chief Executive Officer of Walmart Inc. (CEO).
Lore founded and sold four businesses. He sold Pit to Topps for $5.7 million in 2001. Walmart purchased Lore’s Jet.com for $3.3 billion ($477 million cash payment) in 2016, and Lore’s company Quidsi (parent company of Diapers.com), was acquired by Amazon for $545 million in 2011.
Marc Lore is an ambitious entrepreneur who has proven his capacity to develop fortunes from the ground up and sell them for billions of dollars.
Real Estate Investments
Mar Lore also invests in real estate. He paid $43.79 million for a New York Penthouse in 2018. The house at 443 Greenwich Street is on an 8,569-square-foot lot with five bedrooms and its own private outdoor pool.
Summary of Marc Lore Net Worth
Marc Lore is a $4 billion net worth American entrepreneur, businessman, investor, and NBA owner. He was the President and CEO of Walmart, a US e-Commerce retailer, from 2016 until 2021. Lore is an ambitious entrepreneur who takes bold efforts to achieve significant outcomes.