Marc Lore, a visionary entrepreneur, investor, and now a prominent NBA owner, has built a career worthy of notice, from co-founding “The Pit” to becoming a significant figure in the sports world as a potential future majority owner of the Minnesota Timberwolves.
Born on May 16, 1971, in Staten Island, New York City, to parents Peter and Chiara Lore, Marc learned the drive to succeed from his childhood.
His mother, Chiara, was a bodybuilder and personal trainer, and his father, Peter, founded Chadmarc Systems, a computer consulting company named after Marc and his brother, Chad.
Even early on, Lore showed a natural flair for numbers and finance, which would later define his career.
He attended Ranny School in Tinton Falls, New Jersey, and during his high school years, he started a baseball card business called “The Mint” with his friend Laz Chandra.
His mathematical abilities were so exceptional that people called him the “human calculator,” which was a precursor to his investment and business life.
Lore’s studies led him to Bucknell University, graduating cum laude in 1993 with a Bachelor of Arts degree in economics and business management.
Later, he enrolled in the MBA program at The Wharton School of the University of Pennsylvania but left after a year to co-found Diapers.com, as he was already set to venture into e-commerce.
After college, Lore started his finance career as a Derivatives Analyst at Bankers Trust between 1993 and 1996.
In 1997, while at Credit Suisse First Boston, he helped establish the Global Association of Risk Professionals.
He was EVP and Head of Financial Risk Management at Sanwa Bank a year later.
Marc Lore, From CEO Of The Pit To Co-Owner Of The Timberwolves And Lynx
In 1999, Lore’s entrepreneurial spirit took over when he co-founded “The Pit, Inc.,” an online collectibles retailer, as a competitor to eBay.
He sold the company in 2001 to The Topps Company Inc. for $5.7 million, his first success.
Lore continued with his entrepreneurial goals, and in 2005, he and Vinit Bharara founded 1800DIAPERS, later known as Diapers.com, where Lore served as CEO for eight years.
In 2011, Amazon acquired the company for $545 million. Following the acquisition, Lore served at Amazon as the CEO of Quidsi Inc. for a few years.
Lore, in 2014, co-founded a new e-commerce company called “Jet” with Nate Faust and Mike Hanrahan.
Jet was different as it was a shopping club model that required an annual membership fee to get the best prices.
Jet had raised $140 million in funding from several investors by February 2015 before launching.
Afterward, Walmart acquired Jet.com in 2016 for $3.3 billion, and Lore was named president and CEO of Walmart U.S. eCommerce.
With his company, Walmart’s U.S. eCommerce revenues grew exponentially. The e-commerce segment incurred massive losses, though, and Walmart shut down Jet in 2020 and diverted traffic to Walmart.com instead.
Lore is also the leading investor in Archer Aviation, an eVTOL aircraft company. In 2021, Lore and Alex Rodriguez launched a venture capital firm, Vision Capital People (VCP), with a desired amount of between $300 million and $500 million to be raised.
In April 2021, Rodriguez, Lore, and Dave Portnoy were named investors in the online brokerage firm Tornado.
Later in the same year, Lore and Rodriguez signed a letter of intent to purchase the Minnesota Timberwolves and Minnesota Lynx from Glen Taylor.
The NBA approved the purchase on July 21, 2021. The purchase began with a minority stake, hoping to convert into a majority stake, although the conversion was disputed in 2024.
In 2025, Lore and Rodriguez won the arbitration case, allowing them to purchase the Minnesota Timberwolves and Lynx from long-time owner Glen Taylor.
Lore’s company also expands beyond e-commerce and sports. In 2021, he founded the Telosa Community Foundation to build a sustainable city home to 5 million people by 2050.
He also founded the food delivery company “Wonder,” which acquired Blue Apron in November 2023 and Grubhub in November 2024.
Lore has received awards throughout his career. In 2011, Ernst & Young named him Regional Entrepreneur of the Year. Fortune magazine also named him one of the “smartest people in technology.”
As for the Timberwolves, the majority owner, Marc Lore’s net worth is estimated at $2.8 billion in 2025.
Though it is challenging to assess wealth, Lore’s business life and numerous investments show how much he has influenced the business and sports world.
In Case You Didn’t Know
- At the age of as young as 4, Marc has always wanted to be a farmer.
- Marc Lore’s grandfather served in the Korean War.
- Lore is the father of two daughters he had with his ex-wife, Carolyn Lore.
