Michael Rubin Net Worth: Michael Rubin is a successful American businessman, philanthropist, and entrepreneur. Through his work as CEO of Fanatics, an online retailer of sportswear and athletic accessories, Michael Rubin amassed a considerable fortune. He is in charge of the business side of sites like ShopPremiumOutlets.com, RueLaLa.com, and Gilt.com as executive chairman of the Rue Gilt Groupe.
In the late 1990s, Michael started GSI Commerce, which he later sold to eBay for $2.4 billion. In 2011, Rubin invested in the NBA’s Philadelphia 76ers, and in 2013, he did the same with the NHL’s New Jersey Devils. In 2022, he announced his decision to sell both of his interests as it became public knowledge that Fanatics planned to expand into the sports betting industry.
Michael Rubin Net Worth
Author Michael Rubin It is projected that by 2022, the net value will be close to $10 billion. A condominium in the West Village of Manhattan cost Rubin $43.5 million in 2018. The 7,750-square-foot mansion includes five bedrooms and five bathrooms, as well as an outdoor kitchen, library, screening room, swimming pool, and 4,944-square-foot roof terrace.
In November 2020, he put the penthouse up for sale for $39 million. Michael paid $50,000,000 (or $25,000,000 less than the asking price) for a Hamptons estate with seven bedrooms and eight and a half bathrooms in early 2021. In September of 2022, Michael spent $70,000,000 to purchase the Hollywood Hills house formerly owned by Ronald and Nancy Reagan.
Michael Rubin Early Life
By state law, Michael G. Rubin formally adopted the name Michael Rubin on 7/21/72. In Lafayette Hill, Pennsylvania, he was reared by Paulette, a psychiatrist, and Ken, an attorney (a veterinarian). Michael opened a ski-tuning shop in his parent’s basement when he was just 12 years old. Michael used the $2,500 he got for his bar mitzvah to open a ski shop with the approval of his father in Conshohocken, Pennsylvania, which he named Mike’s Ski and Sport.
When Rubin was 16, he had accumulated up $120,000 in debt, but with the help of a $37,000 loan from Ken, he was able to settle his debts. Michael’s dad put up the cash to send him to college, and he decided to put in the time and effort to get his degree at Villanova.
Five ski shops greeted him instead of one when he arrived at Villanova University. After purchasing sports surplus equipment worth $200,000 at a steep discount and reselling it for $75,000, Rubin dropped out of college.
Michael Rubin Career
Rubin was able to start the athletics-focused closeout retailer KPR Sports thanks to the proceeds from the sale of his ski businesses. Michael started KPR Sports in his dorm room when he was 21 years old and by 1993, the company had generated its first million dollars in sales. Profits topped $50,000,000 in 1995.
Rubin invested in Rykä, a maker of women’s athletic shoes, for 40% in the middle of the ’90s, and in 1998 he established Global Sports Incorporated, a logistics and clothing business that would evolve into GSI Commerce, an e-commerce company.
Though Michael made a tidy sum of $2.4 billion from the sale of GSI to eBay in 2011, Rubin was able to repurchase the consumer companies from eBay at a discount because eBay was more interested in the order fulfillment market to compete with Amazon.
He repurchased shares in three different e-commerce businesses: Fanatics, Inc., Shop Runner, and Rue La La. Michael is not only the CEO of Fanatics but also the executive chairman of the board for the even bigger e-commerce company, Rue La La. In 2020, he proposed a $228 million offer for ShopRunner to FedEx.
Through his efforts, Fanatics now has partnerships with more than 300 different teams and leagues, giving the company significant input into how Nike produces and distributes gear for MLB and the NFL.
Due to the outbreak of the COVID-19 virus, Rubin shifted the focus of a Fanatics plant from producing MLB jerseys to producing PPE and medical gowns. With the $350 million in Series E funding he secured in August of 2020, the company’s valuation skyrocketed to $6.2 billion.
In August of 2021, the company was worth $18 billion thanks to his efforts in securing $645 million in financing.
Michael Rubin Personal Life
Kylie Rubin was born to dance instructors Meegan and Michael Rubin, who later split up. Their baby Romi will be born in July 2020 to models Rubin and Camille Fishel. Nicole Lapin, a journalist, and novelist who currently anchors for CNN, is Michael’s ex-girlfriend.
They had been friends since high school, and when Meek Mill was detained for breaking his probation, Rubin sent a letter on his behalf to the judge. After being sentenced to two to four years in prison in November 2017, Mills was freed in April 2018.
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