Marc Lore

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Marc Lore
Marc Lore Profile Image.jpg
Born
Marc Eric Lore

(1971-05-16) May 16, 1971 (age 50)
EducationBucknell University (Bachelor of Arts)
Columbia University (Dropped out)
Wharton School of the University of Pennsylvania (Dropped out)
OccupationSerial entrepreneur
Known forWalmart eCommerce CEO, GARP, Diapers.com and Jet.com, owner of the Minnesota Timberwolves and Minnesota Lynx, Founder, Chairman, and CEO of the Wonder Group
Spouse(s)Carolyn Lore (divorced)
Children2 daughters – Sierra and Sophia
Parent(s)Peter Lore, Chiara Lore
Websitewww.linkedin.com/in/marclore

Marc Eric Lore (pronounced LorEE, born May 16, 1971) is an American entrepreneur,[1] businessman, investor,[2] and NBA owner.[3] In December 2021, CNBC reported that Lore is now the Founder, Chairman, and CEO of the Wonder Group.[4] From 2016 to 2021, he was the President and CEO of Walmart U.S. eCommerce.[5] Lore was appointed in September 2016 to lead Walmart's e-commerce division when his company Jet.com, an e-commerce website launched in 2014, was acquired by Walmart, Inc. Walmart purchased Jet for $3.3 billion.[6] Prior to Jet, Lore was the CEO and co-founder of Quidsi, the parent company of a family of websites including Diapers.com. Quidsi was sold in 2011 to Amazon for $545 million.[7] Lore was named regional Entrepreneur of the Year by Ernst & Young in 2011,[8] one of the "smartest people in technology" by Fortune,[9] and dubbed the LeBron James of e-commerce by Matt Higgins.[10]

After stepping down from Walmart, Recode reported that Lore's next venture will be "a multi-decade project to build 'a city of the future' supported by 'a reformed version of capitalism,'"[11] announced in September 2021 as Telosa.[12]

Early life[edit]

Lore was born in Staten Island, New York on May 16, 1971, the son of Peter and Chiara Lore. He is the oldest of three children and spent most of his childhood in Staten Island. When he was ten years old his family moved to the Lincroft section of Middletown Township, New Jersey.[13][14]

Growing up, his mom was a body builder and personal trainer. During the late 1980s she trained model and actress Julianne Phillips who was Bruce Springsteen's wife at the time.[15] Lore's father started a computer consulting company, Chadmarc Systems, named after his two sons.[16]

Growing up Lore did typical kids jobs – mowing lawns, pulling weeds, selling newspapers, and washing cars.[13] When he was four years old he told people he wanted to be a farmer when he grew up because they grow stuff from nothing.[17] In seventh grade, Lore got into stocks and began reading books on stock options and what would become known as derivatives – eventually leading him to start his career in finance.[16] In high school he started a baseball card company called The Mint with his grade school friend, Lax Chandra.[13]

Education[edit]

From fifth until twelfth grade, Lore attended Ranney School in Tinton Falls, New Jersey. In 1989, during his senior year of high school, Lore became the New Jersey State Champ for the 55-meter dash.[18]

Lore's classmates called him the human calculator as a young savant with numbers. While sophisticated with math, Lore claims he didn't apply himself and was seen more as a class clown. In high school he and his close friend, and later business partner, Vinit Bharara used to sneak down to Atlantic City and card count at the casinos.[13] Lore has stated that he "didn't apply himself at all" when it came to school. He's said that he was a sophomore in high school when he first realized you have to actually apply to college – "I always thought you could just pick the school you wanted to go to."[19]

After graduating high school in 1989, Lore attended Bucknell University. He was on Bucknell's track and field team specializing in the 100-meter, 200-meter, long jump, and javelin events. In 1993 he received a Bachelor of Arts in business management and economics, graduating cum laude.[20]

After starting his banking career, Lore enrolled in Columbia University but dropped out before completing his master of statistics degree. During this time he did complete the Chartered Financial Analyst three-year program.

Lore also enrolled in The Wharton School at the University of Pennsylvania.[21] He dropped out after one year in the MBA program to pursue Diapers.com. It was at Wharton where he met Scott Hilton during a study group – Hilton would later become employee #1 at Diapers.com.[22]

Career[edit]

Early career[edit]

After graduating college in 1993, Lore began his career at Bankers Trust in New York City. He held various investment banking positions, including vice president of emerging markets risk management at Credit Suisse First Boston and executive vice president of Sanwa International Bank in London, where he was head of the bank's Risk Management Division.[23]

In 1997, while at Credit Suisse First Boston, Lore and his colleague, Lev Borondovsky, started the Global Association of Risk Professionals (GARP) and founded the Financial Risk Manager (FRM) – a certification for financial risk managers. Today an estimated 50,000 people have earned the certification while the Global Association of Risk Professionals (GARP) has over 150,000 members from 195 countries.[24] Lore and Borondovsky also wrote The Professional's Handbook of Financial Risk Management.[25]

The Pit[edit]

In 1999, Lore co-founded The Pit, Inc., an Internet market-making collectible company constructed as an alternative to eBay.[26] Lore served as CEO and The Pit was sold to the sports collectibles company, The Topps Company, Inc. for $5.7 million in 2001.[27] Following the acquisition, Lore joined Topps as chief operating officer of gaming subsidiary WizKids.[28]

Quidsi (Diapers.com)[edit]

In 2005, Lore and Vinit Bharara founded 1800DIAPERS, later rebranded as Diapers.com.[29] Lore served as CEO.[30] The company was sold to Amazon in 2011 for $545 million,[31] and Lore then worked for Amazon for over two years.[23]

Jet.com[edit]

In 2014, Lore founded eCommerce company, Jet with Nate Faust and Mike Hanrahan.[32] Lore served as CEO and in November 2014, Jet launched a campaign offering stock options to users generating word-of-mouth for the company in advance of launch.[33] In January 2015, Jet was featured in a cover story in Bloomberg Businessweek, in which it was revealed that Jet would be a shopping club in which members will pay an annual fee of $49.99 to access the lowest prices on millions of items,[34] although the membership fee was eliminated in October 2015.[35]

In February 2015 Jet raised $140 million in pre-launch funding from investors including Bain Capital Ventures, Accel Partners, Alibaba Group, New Enterprise Associates, and others.[36]

Beta testers in May 2015 reported cheaper prices than Amazon but longer delivery times.[37] On July 21, 2015, Jet.com opened to the public.[38]

On August 8, 2016, Walmart announced it had agreed to acquire Jet.com for $3.3 billion. Following the acquisition, Lore was appointed president and chief executive officer of Walmart U.S. eCommerce.[39]

On May 19, 2020, Walmart announced that it was shutting down Jet, directing visitors to use Walmart.com instead.[40]

Walmart[edit]

After its first full year with Lore at the helm, Walmart's U.S. eCommerce sales grew 44%.[41]

According to Fool.com, "In the three full fiscal years since the Jet acquisition Walmart's eCommerce sales have nearly tripled, jumping 176%. The company has rapidly expanded grocery pickup and delivery and now has about 3,300 stores with grocery pickup and more than 1,850 stores offering grocery delivery, up from just a handful at the time of the Jet acquisition. Under the guidance of Lore, the company rolled out free two-day delivery for orders over $35 without a membership fee to compete with Amazon Prime, and that was accelerated to free one-day delivery last year, shortly after Amazon made the same move in Prime. In the most recent quarter, Walmart expanded ship-from-store capabilities to 2,500 stores, leveraging the power of its store base, and it launched Express Delivery, promising delivery in two hours."[42]

In 2017, Walmart and Lore announced the launch of Store No. 8, a technology incubator based in the Silicon Valley.[43] The initiative was named after an early Walmart store that founder, Sam Walton, used to try out new retail strategies.[44] At the 2017 Shoptalk conference in Las Vegas, Lore said Store No. 8 will work with startups that specialize in areas that include robotics, virtual reality and augmented reality, machine learning, and artificial intelligence.[45]

During his time at Walmart he accelerated the company's e-commerce growth and customer reach – making it the No. 2 online shopping site in the U.S., helping to increase the stock price of more than 100 percent during his tenure.[46]

Post-Walmart[edit]

After stepping down from Walmart, Recode reported that Lore's latest project will be "a multi-decade project to build 'a city of the future' supported by 'a reformed version of capitalism.'"[47]

Lore is active on LinkedIn sharing entrepreneurial and business advice almost daily. He hosts a show called Startup Standup that focuses on mentoring female founders.[23]

Investor[edit]

Lore is the lead investor in Archer Aviation, an electric vertical take-off and landing (eVTOL) company focused on "advancing the benefits of sustainable air mobility."[48] In February 2021, Archer announced Lore would be investing an additional $10 million as the company announced their $1 billion purchase order from United Airlines and a SPAC.[49]

On May 12, 2021 Alex Rodriguez and Lore announced a new venture capital firm called Vision Capital People or VCP. The new company, which will be called Vision/Capital/People, or VCP, launches with $50 million of the pair's own money and could eventually raise $300 million to $500 million. Rodriguez and Lore plan to take early-stage stakes of 40% to 80% in their portfolio companies, much larger than the typical venture approach, a model that Lore said he found "frustrating" when he sought capital for his previous startups. Their first investment was NOW//with, a social commerce company.[50]

On July 21, 2021 Lore, Alex Rodriguez, and Dave Portnoy were named as investors of online brokerage firm, Tornado.[51]

Minnesota Timberwolves[edit]

On April 10, 2021, Lore and Alex Rodriguez signed a letter of intent to purchase the Minnesota Timberwolves and Minnesota Lynx from Glen Taylor.[52]

The deal became official on July 21, 2021 as the NBA approved Alex Rodriguez and Lore's purchase of the Minnesota Timberwolves.[53]

Telosa[edit]

In September 2021, Lore announced Telosa, a city he is building from scratch.[54] The project has a target population of 5 million people by 2050, with the first phase of construction expected to house 50,000. [55] The project's planners intend for the city to be built on desert land, with Utah, Idaho, Nevada, Arizona, Texas, and Appalachia proposed as potential locations. The name Telosa is derived from the Ancient Greek word telos, meaning "higher purpose".[56]

Lore announced he had hired the architectural firm Bjarke Ingels Group (BIG) owned by Danish architect Bjarke Ingels.[57]

The proposed land ownership in the city is inspired by Georgist principles, as advocated by political economist Henry George in his 1879 book Progress and Poverty. Under the proposed rules, anyone would be licensed to build, keep or sell a home, building or any other structure, but the city would retain ultimate ownership of the land.[58]

Wonder[edit]

Lore is currently the Founder, Chairman, and CEO of the Wonder Group. In December 2021, CNBC reported Lore's involvement in Wonder, "Whether Americans are looking to order a quick bite from a local fast-food chain, or they want to feel like they’re eating at a five-star restaurant from the comfort of the living room, Marc Lore wants to redefine at-home dining."[59] According to Lore, "It’s really a one-stop shop for all cooked food. And we think there’s a real chance to have a winner-take-all in this market. You don’t really need another app.”[60]

On December 13, 2021, The New York Post reported that "Marc Lore wants someone in Dallas or Omaha — or New York or LA — to be able to use his new Wonder app to call up a favorite dish from a big-city restaurant and have it delivered to their door — from one of his trucks kitted out with a chef and an oven."[61]

"He’s secured the rights to the menus of top chefs like Bobby Flay and sushi dynamo Daisuke Nakazawa and has plans to open 'ghost kitchens' all over the country where his army of trucks will pick up partly-cooked meals that will eventually be finished at the curb or in a driveway. It works like this: A person using the Wonder app scrolls what’s available in their neighborhood from the list of big-name chefs Lore has signed. The customer picks an item — say Steak Diane — that’s earlier been prepared and partially cooked at a satellite kitchen nearby. Then one of Lore’s kitchen-equipped trucks in the area gets a ping with the order and a chef on board finishes cooking the steak before it’s delivered to the person’s door."[62]

According to Fortune Magazine, Wonder has received $500M in "venture funding from partners, including NEA, Accel, GV, General Catalyst, and Bain Capital Ventures."[63]

Professional recognition[edit]

In 2019, actress and entrepreneur Gwyneth Paltrow called Lore a mentor and business coach, stating, "He's an e-commerce wizard and so he is probably the person I reach out to most for specific questions."[64]

He was named regional Entrepreneur of the Year by Ernst & Young in 2011,[65] one of the "smartest people in technology" by Fortune magazine,[9] and in 2020 was dubbed "the LeBron James of e-commerce" by businessman Matt Higgins.[10]

After Jet.com's acquisition in 2016, Lore made headlines as the highest paid executive in America.[66]

Personal life[edit]

In 1996, Lore qualified for the U.S. National Bobsled Team but chose to stay with his banking job instead of training, therefore losing his seat on the national team for the 1998 Winter Olympics.[10]

In March 2020, Lore publicly challenged hall of fame football player, Jerry Rice, to the 40-yard dash as a part of Rich Eisen's Run Rich Run for St. Jude Children's Research Hospital. Lore beat Rice.[67]

In September 2020, it was reported that Lore was working alongside Jennifer Lopez and Alex Rodriguez in a bid to buy the New York Mets. The deal did not go through.[68]

In May 2021, Lore appeared alongside Ray Lewis on the NFL Network's coverage of the NFL Draft as a part of Rich Eisen's Run Rich Run for St. Jude Children's Research Hospital. The event raised over $1.7M for charity and Lore and Lewis were recognized as the fastest team. Lore's 40-yard dash clocked in at 4.97 seconds, just behind Michael Vick's time of 4.72 seconds.[69]

See also[edit]

References[edit]

  1. ^ "Jet.com's Founder Marc Lore: 3 Things You Need to Know About the Man Taking on Amazon".
  2. ^ "With Money From Walmart's Marc Lore, Stealth Startup Archer Buys Its Way Into The Electric Air Taxi Race".
  3. ^ "Sale of Minnesota Timberwolves to Marc Lore, Alex Rodriguez receives approval from NBA".
  4. ^ "Jet founder Marc Lore plots U.S. expansion of food delivery biz: A 'one-stop shop' for cooked meals".
  5. ^ "Exec Bio".
  6. ^ "Confirmed: Walmart buys Jet.com for $3B in cash to fight Amazon".
  7. ^ "10 of the Largest Amazon Acquisitions to Date".
  8. ^ "Ernst & Young Entrepreneur Of The Year® 2011 New Jersey Award Winners Announce".
  9. ^ a b "The Smartest People in Tech".
  10. ^ a b c "The Future of eCommerce with Marc Lore".
  11. ^ "Walmart's e-commerce chief is leaving to build "a city of the future"".
  12. ^ Holland, Oscar (6 September 2021). "Plans for $400-billion new city in the American desert unveiled". CNN. Retrieved 7 September 2021.
  13. ^ a b c d "Why You Need to Pull Weeds w/ Marc Lore".
  14. ^ Jordan, Bob. "Marc Lore, Alex Rodriguez's partner on Minnesota Timberwolves, made first mark at Ranney School in NJ", Asbury Park Press, May 16, 2021. Accessed January 25, 2022. "Lore - who grew up in Middletown, attended Ranney School in Tinton Falls and later lived in Mountain Lakes - Rodriguez and pop star Jennifer Lopez almost became owners of the New York Mets before hedge fund leader Steve Cohen won out in the bidding."
  15. ^ "6th Gear of Entrepreneurship with Marc Lore".
  16. ^ a b "Life or Death of an Entrepreneur with Marc Lore".
  17. ^ "When to Risk it All on Your Big Idea with Marc Lore".
  18. ^ "Cum Laude Society Inducts New Members".
  19. ^ "Marc Lore: Persuade Like A Pro".
  20. ^ "Marc Lore '93 returns to campus for 'Innovate Bucknell'".
  21. ^ "Marc Lore's Secret to Serial Entrepreneurship?".
  22. ^ "Walmart Online Unit Seeks New Executive While Losses Pile Up".
  23. ^ a b c "Marc Lore LinkedIn".
  24. ^ "All about GARP: The Organization Behind the FRM® Certification".
  25. ^ "Professional's Handbook of Financial Risk Management".
  26. ^ "One School. Three Entrepreneurs. $700 Million".
  27. ^ "thePit.com Press Releases". Archived from the original on 2014-12-05.
  28. ^ "Marc Lore: 10 Things You Didn't Know about Jet.com's CEO".
  29. ^ "Meet Jet CEO Marc Lore, E-Commerce's Pitchman".
  30. ^ "The Way I Work: Marc Lore of Diapers.com".
  31. ^ "Amazon to Acquire Diapers.com for $540 Million".
  32. ^ "Would-be Amazon competitor Jet.com raises $80 million".
  33. ^ "What's it take to challenge Amazon? For Jet.com, giving away equity to lure new users".
  34. ^ "Amazon Bought This Man's Company. Now He's Coming for Them".
  35. ^ "Jet.com Overhauls Business Model, Kills $50 Membership Fee to Broaden Appeal".
  36. ^ "Alibaba Secretly Invested In Amazon Challenger Jet.com".
  37. ^ "Two Retail Veterans Take Aim at Amazon's E-Commerce Reign".
  38. ^ "Jet.com Opens Rivalry With Amazon After a Ragged Trial Period".
  39. ^ Sarah Nassauer (August 8, 2016). "Wal-Mart to Acquire Jet.com for $3.3 Billion in Cash, Stock". The Wall Street Journal. Retrieved August 8, 2016.
  40. ^ "Walmart winds down Jet.com four years after $3.3 billion acquisition of e-commerce company".
  41. ^ "Walmart's $3.3 billion acquisition of Jet.com is still the foundation on which all of its e-commerce dreams are built".
  42. ^ "Jet.com May Be History, but Walmart Got What It Needed".
  43. ^ "Walmart Launches Tech Incubator Dubbed Store No. 8".
  44. ^ "Walmart launches Store No. 8 — but it's not really a store".
  45. ^ "Walmart e-commerce CEO Marc Lore says the company will make more acquisitions".
  46. ^ "Walmart's e-commerce chief Marc Lore to leave after jump-starting retailer's digital business".
  47. ^ "Electric Jets, Underground Garbage, and Controlled Ownership – Welcome to Marc Lore's City of the Future".
  48. ^ "With Money From Walmart's Marc Lore, Stealth Startup Archer Buys Its Way Into The Electric Air Taxi Race".
  49. ^ "Archer lands $1B order from United Airlines and a SPAC deal".
  50. ^ "A-Rod, Walmart Vet Lore Start Venture Firm, Pushing Beyond SPAC".
  51. ^ "A-Rod, Dave Portnoy and Marc Lore back online brokerage Tornado".
  52. ^ "Alex Rodriguez, Marc Lore negotiating to succeed Glen Taylor as Timberwolves and Lynx owners".
  53. ^ "Alex Rodriguez, Marc Lore officially join ownership group of Minnesota Timberwolves".
  54. ^ Holland, Oscar (6 September 2021). "Plans for $400-billion new city in the American desert unveiled". CNN. Retrieved 7 September 2021.
  55. ^ "The Diapers.com Guy Wants to Build a Utopian Megalopolis".
  56. ^ Holland, Oscar (6 September 2021). "Plans for $400-billion new city in the American desert unveiled". CNN. Retrieved 7 September 2021.
  57. ^ "Former Walmart president reveals plan for $400-billion Utopian city in the US desert".
  58. ^ "Billionaire Marc Lore wants to build a utopian city based on 'equitism'".
  59. ^ "Jet founder Marc Lore plots U.S. expansion of food delivery biz: A 'one-stop shop' for cooked meals".
  60. ^ "Jet founder Marc Lore plots U.S. expansion of food delivery biz: A 'one-stop shop' for cooked meals".
  61. ^ "Jet.com founder Marc Lore has fleet of trucks ready to deliver Bobby Flay to you".
  62. ^ "Jet.com founder Marc Lore has fleet of trucks ready to deliver Bobby Flay to you".
  63. ^ "Wonder, Marc Lore's Latest Venture, Delivers Recipes From Top Chefs To Your Front Door Via Mobile Kitchens".
  64. ^ "Jeff Bezos hasn't returned Gwyneth Paltrow's email yet — but here's what she would ask him".
  65. ^ "Ernst & Young Entrepreneur Of The Year® 2011 New Jersey Award Winners Announce".
  66. ^ "Wal-Mart E-Commerce CEO Gets $244 Million in Pay After Jet Deal".
  67. ^ "#RunRichRun: Inside Rich Eisen's Annual 40-Yard-Dash for St. Jude Children's Research Hospital".
  68. ^ "Jennifer Lopez-Alex Rodriguez trying to improve last-ditch Mets offer".
  69. ^ "The wild risks and beautiful mind that brought Marc Lore to Glen Taylor's door".