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Rubin, the son of Paulette and Ken Rubin, was born into a Jewish family. His father was a veterinarian, while his mother was a psychotherapist. He grew up in Lafayette Hill, Pennsylvania, where he opened a ski-tuning shop in his parents' basement when he was 12 years old, and two years later, using $2,500 in bar mitzvah gifts as seed capital and a lease signed by his father, he opened Mike's Ski and Sport, a formal ski shop in Conshohocken, Pennsylvania.
He was $120,000 in debt at the age of 16 and was able to settle with his creditor's thanks to a $37,000 loan from his father on the condition that he attend college. Rubin accepted and continued to run the business, which had grown to five ski stores before he went to college. He spent a semester at Villanova University before leaving out after making a significant profit on an opportunistic deal. This entailed purchasing $200,000 in overstock equipment at a significant discount, borrowing $17,000 from a friend, and reselling it for $75,000.
Career And lifestyle
After selling his ski stores, he used the money he made from the overstock sale to start KPR sports, a firm that buys and resells name-brand sporting equipment that is no longer in use or production. It took KPR until 1995 to sell $50 million worth of products when Rubin was 21 years old and the company's sales hit $1 million. When Rubin acquired 40% of Rykä, a women's sports shoe maker, in 1995, it was a significant acquisition.
GSI was sold to eBay for $2.4 billion in 2011, however, eBay only wanted the order fulfillment business to compete with Amazon, and Rubin was able to acquire back GSI's consumer companies for a cheap price. Michael sold the firm to eBay in 2011. Repurchased the sports merchandiser Fanatics Inc., the Shop Runner reward program, and the Rue La La flash-seller. In addition to being CEO of Fanatics, Michael serves as an executive chairman on the board of Rue La La.
In 2020, he sold ShopRunner for $228 million to FedEx. Nike apparel for Major League Baseball and the National Football League will be manufactured and distributed by Fanatics as part of a collaboration agreement with over 300 sports organizations. To prepare for the COVID-19 epidemic, Rubin stopped producing MLB jerseys at a Fanatics manufacturing factory and began producing personal protective equipment (PPE) and hospital gowns.
After securing $350 million in Series E fundraising in August 2020, the company's valuation grew to $6.2 billion, and he received $645 million in funding in 2021, which increased the company's worth to $18 billion.
The Net worth of Michael Rubin
As of this writing, Michael Rubin has an estimated net worth of $8 billion according to celebritynetworth.
Michael Rubin is a businessman, entrepreneur, and philanthropist from the United States.
Rubin is best known as the creator and CEO of Fanatics, an online retailer of apparel and equipment. He is also the executive chairman of Rue Gilt Groupe, which comprises the online stores Gilt.com, RueLaLa.com, and ShopPremiumOutlets.com.
Right now on July 11, 2022, Michael Rubin has above 378k followers on Instagram. check out his latest post below:
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Michael previously married dance teacher Meegan Rubin, with whom he had a daughter Kylie before divorcing. Rubin also has a daughter, Romi (born July 2020), with model Camille Fishel. Michael formerly dated Nicole Lapin, a CNN news anchor and “New York Times” bestselling novelist.
Rubin is acquainted with rapper Meek Mill and filed a letter to a court in an attempt to keep Mills out of prison after he was detained for breaking his probation. Mills was sentenced to two to four years in jail in November 2017, however, he was freed in April 2018.
Rubin spent $43.5 million on 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, a seven-bedroom estate in the Hamptons in early 2021, which was $25 million less than the initial asking price.
Recognition and Awards
The Network for Teaching Entrepreneurship (NFTE) recognized Rubin at its Philadelphia Visionary Gala in 2011 because he demonstrated “the real passion and determination of an entrepreneur.
“That year, “Forbes” named Michael to its list of the “20 Most Powerful CEOs 40 and Under,” and in 2018, he was named to Bleacher Report's “Power 50.” “list. “Sports Business Journal” recognized him as “Most Influential Person in Sports Business” in 2021 and “Sports Executive of the Year” in 2022 from 2015 to 2019.