Marc Lore is a retail executive and the CEO of Quidsi who founded Jet.com in 2010, which was later acquired by Walmart for $3 billion. According to Forbes, he’s worth about $1.6 billion today from his startup investments around the world. He just recently announced that he would be creating a new city on an “abandoned piece of desert” somewhere in America that will cost him more than half a trillion dollars- not including all the development costs over time due to increased population and housing demands!
A new owner has been found for the Minnesota Timberwolves. Marc Lore, the former CEO of Walmart, has joined up with Alex Rodriguez, the legendary baseball player for the New York Yankees, to buy the NBA club. The WNBA Minnesota Lynx will also be part of the $1.5 billion transaction. The strong pair will remain limited partners until the two-year transition period is through.
Meanwhile, the entrepreneur is trying to raise $425 billion for Telosa, a sustainable metropolis. The initiative pushes the idea of future living to the front of American culture.
Who is the guy behind the money, Marc Lore?
BREAKING NEWS: Alex Rodriguez and Marc Lore have agreed to purchase the Minnesota Timberwolves on an exclusive basis.
Team is estimated to be worth $1.5 billion. pic.twitter.com/nTQNADY84K
April 10, 2021 — Joe Pompliano (@JoePompliano)
Lore started his first company right out of college, Diapers.com, an online retailer of baby goods. He combined the business with Quidsi before selling it to Amazon for $545 million in 2011. The Pit, Inc., the 49-year-old investor’s online collectable company, was sold to The Topps Company for $5.7 million in 2001.
After that, the father of two founded Jet.com as a cheaper alternative to Amazon. Walmart took note and bought the business in 2016 for $3.3 billion in an extraordinary transaction. Lore walked away with a personal profit of $750 million and stock options worth $250 million, according to Clutch Points. In his first year as President and CEO of Walmart eCommerce, he increased online sales by 44 percent.
Earlier this year, the successful businessman left Walmart and invested $10 million in Archer Aviation. In May 2021, the billionaire and Rodriguez launched Vision Capital People, a new venture capital company with a $50 million investment from each of them.
They completed the ownership deal with the Timberwolves on May 13, 2021. Lore is now concentrating his efforts on constructing Telosa, the “future city.” He anticipates the first inhabitants moving in by 2030.
Lore wants to create a $400 billion desert utopian metropolis.
If properly financed, billionaire and former Walmart CEO Marc Lore intends to construct a $400 billion city in the desert. “Create a more fair and sustainable future,” says the city of Telosa’s mission statement. https://t.co/Kf3qIXozdC
September 8, 2021 — News-Leader (@springfieldNL)
Telosa’s mission is to build “a more egalitarian and sustainable future.” “By 2050, climate change will impact one billion people,” Lore predicts. “To build a new city in America that sets a worldwide standard for urban life, develops human potential, and becomes a model for future generations,” Telosa’s official mission statement reads.
The planned 150,000-acre city is being explored for locations in Nevada, Utah, Idaho, Arizona, Texas, and the Appalachian area. “We have a chance to show a new paradigm for society that gives individuals a better quality of life and more opportunities,” Lore told USA Today. It will be the “most open, fair, and inclusive city in the world,” he says.
Bjarke Ingels Group, an architectural company, is designing an environmentally friendly structural design for the new metropolis. The grandiose project’s initial phase would feature 50,000 people living on 1,500 acres. Telosa will include a drought-resistant water system that is linked to sustainable energy generation and an autonomous mobility system.
To enable people to move in by 2030, a $25 billion investment would be required. The metropolis will cost about $400 billion to build when it is finished. Economic development subsidies, federal and state grants, philanthropists, and private investors are expected to contribute financing.
How does Marc Lore’s bank account compare to that of other NBA owners?
(L-R) Actress Kate Hudson, Walmart.com President & CEO Fast Company’s Marc Lore and Robert Safian onstage in 2017 | Craig Barritt/Getty Images for Fast Company
Lore has a net worth of $4 billion, according to Exact Net Worth. This is much higher than Rodriguez’s $400 million net worth.
Steve Ballmer, the former CEO of Microsoft and owner of the Los Angeles Clippers, is the richest NBA owner. According to Fortune, he has a staggering net worth of more than $100 billion.
Lore will have to compete with Mark Cuban of the Dallas Mavericks and Tony Ressler of the Atlanta Hawks for a spot on the top ten wealthiest NBA owners list. According to Audacy, both men have a combined net worth of $4.3 billion.
With a net worth of $1.6 billion, former Chicago Bulls player and Charlotte Hornets club owner Michael Jordan isn’t even in the race.
‘I Keep Looking for the $3 Billion in My Pocket, I Just Don’t Know Where It Is,’ Peyton Manning said of his desire to own a professional sports team.