Michael Rubin Net Worth: American entrepreneur, businessman, and philanthropist Michael Rubin. Michael Rubin built a fortune as the founder and CEO of Fanatics, an online retailer of sportswear and athletic accessories. As executive chairman of the Rue Gilt Groupe, he oversees the operations of ShopPremiumOutlets.com, RueLaLa.com, and Gilt.com, among other websites.
Michael founded GSI Commerce in the late 1990s and sold it to eBay for $2.4 billion. Rubin became an investor in the Philadelphia 76ers basketball team in 2011 and the New Jersey Devils ice hockey team in 2013. When it was reported in 2022 that Fanatics would be aiming higher in the sports betting business, he announced his intention to sell both of his shares.
Michael Rubin Early Life
Michael G. Rubin legally changed his name to Michael Rubin on 7/21/72. Paulette, a psychiatrist, and Ken, an attorney, raised him in Lafayette Hill, Pennsylvania (a veterinarian). At age 12, Michael started a ski-tuning business in his parents’ basement. Michael received $2,500 at his bar mitzvah, which he invested in a ski shop he named Mike’s Ski and Sport in Conshohocken, Pennsylvania, two years later with his father’s blessing on the lease.
By the time he was 16, Rubin had racked up $120,000 in debt, but with the help of a $37,000 loan from Ken, he was able to negotiate a settlement with his creditors. Michael spent a semester at Villanova University thanks to the financial support of his father, who made him commit to attending classes there.
When he arrived at Villanova University, he saw five ski shops instead of one. Rubin left school when he bought $200,000 worth of sports excess equipment at a deep discount and resold it for $75,000. You may also read Jack Antonoff
Michael Rubin Career
Selling his ski companies allowed Rubin to fund the launch of KPR Sports, a closeout retailer specializing in athletic products. In 1993, when Michael was 21 years old, KPR Sports made its first million dollars in sales. In 1995, revenue hit $50 million.
In the middle of the ’90s, Rubin bought a 40 percent stake in Rykä, a manufacturer of women’s athletic shoes, and in 1998 he founded Global Sports Incorporated, a logistics and clothing business that would eventually become the e-commerce company GSI Commerce.
While Michael received a staggering $2.4 billion for selling the company to eBay in 2011, Rubin was able to repurchase GSI’s consumer companies at a discount because eBay was primarily interested in the order fulfillment industry to compete with Amazon.
He repurchased the athletic goods shop Fanatics, Inc., the online flash sale site Shop Runner, and the auction site Rue La La. As well as leading Fanatics as CEO, Michael sits as executive chairman on the board of e-commerce giant Rue La La. He approached FedEx in 2020 with a $228 million bid for ShopRunner.
— Michael Rubin (@mrubin1971) October 20, 2022
Through his negotiations, Fanatics has collaboration agreements with over 300 different clubs, sports, and professional leagues that give Fanatics sway over the design, manufacturing, and distribution of Nike apparel for MLB and the NFL.
As the COVID-19 pandemic began, Rubin switched production at a Fanatics factory from making MLB jerseys to making personal protective equipment and hospital gowns. Company valuation jumped to $6.2 billion as he successfully raised $350 million in Series E funding in August 2020.
He successfully attracted $645 million in finance in August of 2021, bringing the total value of the company to $18 billion.
Michael Rubin Personal Life
Meegan and Michael Rubin, both dance teachers, had a daughter named Kylie before they divorced. In July 2020, Rubin and Camille Fishel, a model, will welcome their daughter Romi. Michael’s ex-girlfriend is the award-winning journalist and author Nicole Lapin, who currently anchors for CNN.
Friends since high school, Rubin wrote a letter to the judge on behalf of Meek Mill after he was arrested for violating his probation. Mills was given a two- to a four-year sentence in November 2017, but he was released in April 2018.
Michael Rubin Net Worth
Rubin, Michael In 2022, it is predicted that the net worth would be close to $10 billion. Rubin dropped $43.5 million on a penthouse in 2018 in Manhattan’s West Village. In addition to its five bedrooms and five bathrooms, the 7,750 square foot home also features a roof terrace measuring 4,944 square feet, an outdoor kitchen, a library, a screening room, and a swimming pool.
He put the penthouse on the market in November 2020 for $39 million. Michael purchased a seven-bedroom, eight-and-a-half-bathroom mansion in the Hamptons for $50 million in early 2021, $25 million less than the asking price. Michael paid $70,000,000 in September of 2022 to acquire the Hollywood Hills home previously occupied by Ronald and Nancy Reagan.
How Much Fanatics Is Owned By Michael?
According to a Bloomberg News article from February 2022, Fanatics was valued at $27 billion during a fundraising round. In this estimation, Rubin is given a one-third share in the company, based on information from an unnamed source who is familiar with the situation but who requested anonymity because the details are confidential.