Michael Rubin’s Net Worth Forbes: How Much Money Does The Fanatics CEO Make, Why Is He So Rich?

post by: Dwomoh Darlingberg for thedistin.com.
Have you got a story or article for us: send it to us here.

Known for his sports merchandising company, Fanatics, Michael Rubin is a billionaire. But, how much is his net worth and how did he make his money?

Every 4th of July, businessman Michael Rubin hosts one of the world’s biggest all-white parties which is always star-studded. This year’s party was hosted in the Hamptons on Monday (July 4th, 2023).

The Guardian reports that some of the biggest names in Hollywood, sports, and music were in attendance, including Ben Affleck and Jennifer Lopez, Jay-Z and Beyoncé, Tom Brady, Justin Bieber, Kendall Jenner, Leonardo DiCaprio, Usher, Kevin Hart, and Emily Ratajkowski.

The party, which had a strict dress code of all-white attire, was held at Rubin’s $50 million estate in Southampton. Guests enjoyed food from some of New York City’s top restaurants, as well as live music from Usher and Ne-Yo.

Rubin’s white party has become a tradition in the Hamptons, and it’s always one of the most talked-about events of the summer. This year’s party was no exception, and it’s sure to be remembered as one of the biggest and most exclusive events of the year.

But wait, to be able to pull such a list of famous celebrities under one event is insane and is something only the wealthy can do. One question many netizens are asking is: how much money does Michael Rubin make, how did he become rich? Well, we know he’s a billionaire but read on for more about his fortune.

Profile Summary

Celebrated Name:Michael Rubin
Net Worth:$11.4 billion USD (2023) Forbes
Profession:Businessman and philanthropist
Company:CEO of Fanatics, Executive Chairman Rue Gilt Groupe, Co-chair Reform Alliance
Source of weath:Online retail; self-made
Full Real Name:Michael G. Rubin
Date of birth:July 21, 1972 (Age: 50 years old)
Current resodence:Bryn Mawr, Pennsylvania
Nationality:American
Parents:Father: Ken Rubin
Mother: Paulette Rubin
Education:Drop Out, Villanova University
Michael Rubin has an estimated net worth of $11.4billion as of July 2023
Michael Rubin has an estimated net worth of $11.4 billion as of July 2023.
Credit: Getty Images

How rich is Michael Rubin?

Michael Rubin was born on July 21, 1972, in Lafayette Hill, Pennsylvania to a Jewish family, the son of Paulette and Ken Rubin. His mother was a psychiatrist and his father was a veterinarian. 

He started a ski-tuning shop in his parent’s basement when he was 12, and two years later, using $2,500 in bar mitzvah gifts as seed capital and a lease signed by his father, he opened a formal ski shop in Conshohocken, Pennsylvania named Mike’s Ski and Sport.

When Rubin was 14, he used the money he earned from his bar mitzvah to open a ski shop in Pennsylvania with the help of his father.

However, following his decision to not pursue higher education, Rubin opened an athletic equipment closeout company called KPR Sports.

By the age of 16, he was some $120,000 in debt and was able to settle with his creditors using a $37,000 loan from his father under the condition he attend college. Rubin agreed, continuing to operate the business, which grew to five ski shops before he entered college. 

He attended Villanova University for a semester before dropping out after a semester after realizing a large gain on an opportunistic transaction. This involved buying $200,000 in overstock equipment at a deep discount with $17,000 borrowed from a friend and re-selling it for $75,000.

View this post on Instagram

A post shared by Michael Rubin (@michaelrubin)

By the time Rubin turned 21 years old, KPR Sports reached $1 million in annual sales.

He later went on to be the creator of many retailers. Rubin has even had steaks in sports teams such as the Philadelphia 76ers and the New Jersey Devils.

Additionally, Rubin’s success has made him quite the socialite as he is known to throw an extravagant star-studded party every Fourth of July.

Throughout his business endeavors, Rubin has received many accolades. In 2011, he was named one of Forbes 20 Most Powerful CEOs 40 and Under. He has also been recognized as one of the Top 50 Most Influential People in Sports Business by the Sports Business Journal for five years between 2015 and 2019.

So, how much is Michael Rubin’s net worth? The businessman whose real name is Michael G. Rubin has an estimated current net worth of $11.4 billion and he is the 151st richest person in the world, per Forbes.

He earned his fortune from online retail as the CEO of Fanatics, the world’s leading provider of licensed sports merchandise; and executive chairman of Rue Gilt Groupe, the premier off-price e-commerce portfolio company, which includes RueLaLa.com, Gilt.com, and ShopPremiumOutlets.com.

Rubin was included in the 2022 Forbes 400: The Richest People in America list.

Michael Rubin's Net Worth Forbes
Source: Getty Images

What companies does Michael Rubin own?

Rubin is famously known for his company Fanatics, which is an online retail company that sells sports merchandise.

However, Rubin is also known for his companies such as Global Sports Incorporated which he created in 1998.

Global Sports Incorporated was later rebranded as GSI Commerce, an e-commerce company.

Rubin also treated a retail benefits program called Shop Runner which he later sold to FedEx in 2020.

FAQs

Is Michael Rubin a billionaire?

Michael’s net worth is nothing to be sniffed at. The 50-year-old has an eye-watering fortune of $11.5 billion according to Forbes, and it’s only climbing. He is a self-made billionaire.

Why is Michael Rubin so famous?

Michael is best known for his involvement with Fanatics, he owns the online retail company which sells sports merchandise. However, the tycoon has owned various sports stores, including Global Sports Incorporated which he created in 1998 – which was later rebranded as GSI Commerce, an e-commerce company.

Who is the CEO of Fanatics com?

Michael G. Rubin is the CEO of Fanatics. Aside from him, other owners are Alan Trager, Mitch Trager, and Josh Luber.

How much is Fanatics stock worth?

Fanatics has raised $4.89B over 13 rounds. Fanatics’s latest funding round was a Series I for $700M on December 6, 2022. Fanatics’s valuation in March 2022 was $27,000M.

What is Fanatics known for?

Fanatics Collectibles is a leading licensor, producer, designer, and seller of physical and digital trading cards, sports memorabilia, and other digital assets for entertainment and sports properties globally, as well as a manufacturer of physical and digital trading cards.

What is Michael Rubin’s net worth?

Micael G. Rubin has an estimated current net worth of $11.4 billion.

How did Michael make his money?

Rubin started GSI Commerce, which he sold to eBay for $2.4 billion in 2011. As part of the deal, he paid $500 million for majority ownership of 3 assets eBay didn’t want: Fanatics, Rue La La, and ShopRunner. In 2018, flash-sales site Rue La La acquired rival Gilt Groupe. In 2019, mall operator Simon Property Group took a 50% stake in the combined company. Rubin sold ShopRunner to FedEx for an undisclosed amount in 2020. He still owns minority stakes in Fanatics and Rue Gilt Group.

Where does Michael Rubin live?

The Businessman lives in a $50M Bridgehampton mansion in Bryn Mawr, Pennsylvania with his current girlfriend and children – all daughters.