Net Worth: $2.3 Billion
Michael G. Rubin is a man whose journey to riches began when his peers were busy trying to figure out various non-serious issues that are associated with puberty. At the age of 12, he managed to turn his parent’s basement into a ski-tuning shop.
At the age of 14, the business-minded teenager had managed to open a formal ski shop in Conshohocken, Pennsylvania. After he attained 23 years, he was already running a public company. Today, Rubin is one of the wealthiest people in the United States, and his current net worth is estimated to be $2.3 billion.
Rubin was born in 1972 to a Jewish family. He joined Villanova University, but dropped out after one semester. This was after he realized that there was a large gain on a serendipitous overstock transaction that he had made, whereby he had bought $200,000 in overstock equipment using a loan of $17,000 he had borrowed, reselling it for $75,000. Rubin used the proceeds from this transaction plus the amount he gained after selling his ski shops to start KPR Sports, an athletic equipment closeout company that was named after his parents’ initials.
When Rubin turned 21 (in 1993), his company, KPR Sports’ annual sales reached $1 million. By 1995, the annual sales of the company had reached 50 million, and it was the same year that Rubin bought 40 percent of Ryka, which is a women’s athletics shoe manufacturer. Three years later, he created Global Sports, which later on turned into a multi-billion dollar e-commerce firm known as GSI Commerce. Rubin later sold the company to eBay for a whopping $2.4 billion.
After selling GSI, Rubin founded Kynetic, an entity that was formed after merging three companies that include Fanatics, Rue La La and Shop Runner. Rubin is also a minority shareholder in the Philadelphia 76ers. Rubin was married to Meegan Rubin, with whom he has one child. He currently lives with his girlfriend, Nicole Lapin, who is a CNN and CNBC anchor.