4.6 • 12 Ratings
🗓️ 16 February 2025
⏱️ 5 minutes
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Marc Lore became a billionaire by refusing to stick to one thing for too long. The Diapers.com cofounder and Minnesota Timberwolves co-owner is now betting heavily on his latest startup Wonder, which has big plans to upend takeout and delivery.
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0:00.0 | Here's your Forbes Daily Briefing for Sunday, February 16th. |
0:05.6 | Today on Forbes, how this serial entrepreneur became a billionaire from diapers, basketball, and now takeout. |
0:14.7 | Mark Lorry loves to invert old adages, like put the cart before the horse, or count your chickens before they hatch. |
0:21.2 | Dismissing the originals is anti-entrepreneurial. |
0:24.4 | It's hokey, sure, but telling of a restless mind. |
0:27.9 | The 53-year-old serial entrepreneur, who has dabbled in everything from e-commerce to baseball |
0:32.7 | cards, is now worth $2.8 billion, Forbes estimates. |
0:41.0 | The Staten Island New York native studied business and economics at Bucknell, then spent six years at three banks before quitting to start a company, any company. |
0:47.4 | He and two childhood friends came up with The Pit, an online trading card marketplace they sold in 2001 |
0:53.5 | for $6 million. |
0:55.4 | After becoming a new parent, Lori dropped out of the Wharton School to co-found diapers.com. |
1:01.7 | Amazon bought it in 2010 for $500 million in cash, then reportedly shut it down in 2017. |
1:08.6 | Next was jet.com, an e-commerce take on Costco that Walmart bought for $3.3 billion in 2016 |
1:16.2 | and shuttered in 2020. |
1:19.1 | Lori stayed on to run the retail giant's online arm until 2021. |
1:23.8 | Later that year, he teamed up with retired New York Yankee star Alex Rodriguez on a deal to |
1:29.2 | buy the Minnesota Timberwolves and the WNBA's Minnesota Links for about $1.5 billion |
1:35.1 | to be paid in four installments through 2024. |
1:39.4 | Lori and Arod completed the first two rounds, paying an estimated $550 million for roughly 40%. |
1:45.9 | Lori's slice is about 25%. |
1:48.4 | The third installment ended up in arbitration amid a dispute over whether the duo met a |
1:53.7 | March 2024 deadline. Last week, a panel sided with the duo, allowing them to continue |
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