Michael Rubin Net Worth: How Much Money Does He Have at the Moment?
Fanatics, the world’s leading provider of licenced sports merchandise, is led by Michael G. Rubin. He also co-founded Rue Gilt Groupe, which includes RueLaLaLa.com, Gilt.com, and ShopPremiumOutlets.com. His personal fortune was valued at $8 billion as of September 2021. In June 2022, he sold his stakes in the Philadelphia 76ers and New Jersey Devils hockey teams.
|Net Worth:||$10 Billion|
|Date of Birth:||Jul 21, 1972 (50 years old)|
|Nationality:||United States of America|
Michael Rubin was born on July 21, 1972, as Michael G. Rubin. He grew up in Lafayette Hill, Pennsylvania, in a Jewish family with his mother Paulette (a psychiatrist) and Father Ken (a veterinarian). Michael started a ski-tuning business in his parents’ basement when he was 12 years old. Two years later, with his father’s signature on the lease, he used $2,500 from his bar mitzvah to open Mike’s Ski and Sport in Conshohocken, Pennsylvania.
Rubin had accumulated $120,000 in debt by the age of 16, and he settled with creditors with the help of a $37,000 loan from Ken. Michael had to agree to go to college in order to get the money from his father, and he spent one semester at Villanova University. His business had grown from one ski shop to five by the time he enrolled at Villanova University. Rubin dropped out of college after purchasing $200,000 in sports overstock equipment at deep discounts and reselling it for a $75,000 profit.
What Is Michael Rubin’s Net Worth?
Michael Rubin is a $10 billion net worth American businessman, entrepreneur, and philanthropist. Michael Rubin made his fortune as the founder and CEO of Fanatics, an online retailer of sportswear and equipment. He is also the executive chairman of the Rue Gilt Groupe, which owns Gilt.com, RueLaLa.com, and ShopPremiumOutlets.com.
He joined the 76ers in 2011 and the New Jersey Devils in 2013. Michael founded the criminal justice reform organisation REFORM Alliance in 2019 alongside Meek Mill, Jay-Z, Robert F. Smith, and others. During the COVID-19 pandemic, he also launched the “All in Challenge,” which raised funds to feed those in need.
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Rubin paid $43.5 million for a penthouse in Manhattan’s West Village in 2018. The 7,750-square-foot house has five bedrooms and five bathrooms, as well as a 4,944-square-foot roof terrace, outdoor kitchen, library, screening room, and swimming pool. In November 2020, he will list the penthouse for $39 million.
Michael paid $50 million for an 8,000+ square foot, seven-bedroom mansion in the Hamptons in early 2021, which was $25 million less than the original asking price.
In September 2022, Michael paid $70 million for a home in Los Angeles’ Hollywood Hills that had previously been owned by Ronald and Nancy Reagan.
Rubin sold his ski shops and founded KPR Sports, a discount athletic equipment retailer. Michael turned 21 in 1993, and KPR Sports achieved its first million in annual sales. Sales had reached $50 million by 1995. Rubin purchased 40% of Ryka, a women’s athletic shoe manufacturer, in the mid-1990s, and in 1998, he founded Global Sports Incorporated, which later became the e-commerce company GSI Commerce.
Michael sold the company to eBay for $2.4 billion in 2011, but eBay was only interested in the order fulfilment business to better compete with Amazon, and Rubin was able to buy back GSI’s consumer businesses for a low price. He repurchased Fanatics, Inc., the retail benefits programme Shop Runner, and the flash retailer Rue La. Michael is the CEO of Fanatics and an executive chairman of the board of Rue La. In 2020, he sold Shop Runner to FedEx for $228 million. He has arranged for Fanatics to enter into partnership agreements with over 300 teams, sports, and professional leagues, putting Fanatics in charge of designing, manufacturing, and distributing Nike gear for Major League Baseball and the National Football League.
Rubin stopped producing MLB uniforms at a Fanatics manufacturing plant near the start of the COVID-19 pandemic and began producing PPE and hospital gowns instead. After raising $350 million in Series E funding in August 2020, the company’s valuation increased to $6.2 billion, and he secured $645 million in funding in 2021, raising Fanatics’ valuation to $18 billion.
Michael was previously married to dance teacher Meegan Rubin, with whom he had daughter Kylie before divorcing. Rubin and model Camille Fishel have a daughter, Romi (born July 2020). Michael previously dated CNN news anchor and “New York Times” bestselling author Nicole Lapin.
Rubin is friends with rapper Meek Mill and attempted to keep Mills out of prison after he was arrested for violating his probation. Mills received a two-to-four-year prison sentence in November 2017, but he was released in April 2018.