What Is Michael Rubin’s Net Worth?
Michael Rubin is an American businessman, entrepreneur, and philanthropist with a net worth of $10 billion. He is best known as the founder and CEO of Fanatics, an online sportswear and sports equipment retailer.
Rubin is also the executive chairman of the Rue Gilt Groupe, which includes popular online retailers like Gilt.com, RueLaLa.com, and ShopPremiumOutlets.com. He sold his previous company, GSI Commerce, to eBay for $2.4 billion in 2011.
In addition to his business ventures, Rubin is involved in sports ownership. He became a partner of the Philadelphia 76ers in 2011 and the New Jersey Devils in 2013. However, he announced his intention to sell both stakes in 2022 due to Fanatics’ pursuit of greater sports gambling ambitions.
Rubin has also made significant contributions to philanthropy. In 2019, he co-founded the criminal justice reform organization REFORM Alliance with Meek Mill, Jay-Z, Robert F. Smith, and others. The group aims to transform probation and parole by changing laws, systems, and culture to create real pathways to work and wellbeing.
Rubin also launched the “All In Challenge” in 2020, which raised tens of millions of dollars to feed those in need during the COVID-19 pandemic. Celebrities, companies, and influencers donated experiences or possessions to support the cause.
Rubin even appeared on the CBS series “Undercover Boss” in 2010, working in the GSI Commerce call center and warehouse incognito.
Early Life and Business Ventures
Michael Rubin was born in 1972 and grew up in a Jewish household in Lafayette Hill, Pennsylvania. At the age of 12, he started a ski-tuning business in his parents’ basement. By the time he was 14, he opened Mike’s Ski and Sport in Conshohocken, Pennsylvania, with his father’s help. Despite incurring a debt of $120,000 by the age of 16, he settled with creditors and used a $37,000 loan from his father to expand his business to five ski shops.
After enrolling at Villanova University, Rubin dropped out to pursue his business ventures full-time. He made a $75,000 profit after buying $200,000 worth of discounted sports equipment and reselling it.
Michael Rubin’s Success in Athletic Equipment and E-commerce
Michael Rubin, the founder of KPR Sports, made his first million in yearly sales in 1993 and by 1995, sales were up to $50 million. He later formed GSI Commerce, which turned into the e-commerce company GSI Commerce. In 2011, Rubin sold the company to eBay for $2.4 billion and bought back GSI’s consumer businesses for a low price. He now serves as CEO of Fanatics, Inc. and sold ShopRunner to FedEx for $228 million in 2020. Under his leadership, Fanatics has secured partnership deals with over 300 teams, sports, and professional leagues, putting the company in charge of designing, manufacturing, and distributing Nike gear for Major League Baseball and the National Football League. During the COVID-19 pandemic, Rubin shifted production at a Fanatics manufacturing plant to PPE and hospital gowns. As of 2021, Fanatics’ valuation is at $18 billion after securing $645 million in funding.
Personal Life
Michael was previously married to dance teacher Meegan Rubin, and they have a daughter together named Kylie. Rubin also has a daughter named Romi (born July 2020) with model Camille Fishel. Michael has dated Nicole Lapin, a CNN news anchor and “New York Times” bestselling author.
Rubin is known to be friends with rapper Meek Mill and even wrote a letter to a judge to try to keep Mills out of prison after he was arrested for violating his probation. Mills was ultimately sentenced to two to four years in prison in November 2017, but he was later released in April 2018.
Accolades and Recognitions
Michael Rubin has been recognized for his entrepreneurial spirit and determination by numerous organizations. In 2011, he was honored by the Network for Teaching Entrepreneurship (NFTE) at its Philadelphia Visionary Gala. Forbes included him on its “20 Most Powerful CEOs 40 and Under” list in 2011, and he was featured on Bleacher Report’s “Power 50” list in 2018.
From 2015 to 2019, Sports Business Journal included Rubin on its “Top 50 Most Influential People in Sports Business” list every year. In 2021, he was named the “Most Influential Person in Sports Business” by the publication, and in 2022, he was named “Sports Executive of the Year.”
Michael Rubin’s Real Estate Purchases
In 2018, Michael Rubin paid $43.5 million for a penthouse in Manhattan’s West Village. The 7,750 square foot home includes five bedrooms, five bathrooms, a 4,944 square foot roof terrace, outdoor kitchen, library, screening room, and swimming pool. He put the penthouse on the market for $39 million in November 2020.
In early 2021, Rubin purchased an 8,000+ square foot, seven-bedroom mansion in the Hamptons for $50 million, $25 million less than the original asking price.
In September 2022, Michael paid $70 million for a home in the Hollywood Hills of Los Angeles that decades earlier was home to Ronald and Nancy Reagan.
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