When a billionaire puts his $18 billion business aside to focus on families affected by an unfair justice system, the world should pay attention.
This is the story of Michael Rubin. He is a successful business executive with a net worth exceeding $10.2 billion, making him the second richest person in Pennsylvania. However, Rubin is a billionaire, unafraid to be a social activist. He partners with REFORM Alliance to transform probation and parole by changing laws, systems, and culture to create good work and well-being pathways.
Who is Michael Rubin?
Michael Rubin is a renowned internet entrepreneur and the founder and executive chairman of Fanatics. Fanatics is the world's largest retailer of licensed sports merchandise for U.S. sports fanatics of professional sports teams and college programs.
The company is changing how fans purchase their favorite team apparel by providing digital platforms to customize their orders in today's 24/7 mobile-first economy. In addition to e-commerce, the company owns flagship stores in stadiums, malls, and sporting events. In 2022, the company was valued at $27 billion.
He was born and raised 13 miles north of Philadelphia.
Michael Rubin was born and raised in Lafayette Hill, Pennsylvania, on July 21, 1972. His mother, Paulette, was a psychiatrist, and his father, Ken, was a veterinarian. Both parents were very supportive of Michael and his entrepreneurial adventures.
At 12, Rubin started his first business, a ski-tuning shop in his parent's basement, and later rented out his own space at the local mall in Conshohocken, Pennsylvania, named Mike's Ski and Sport.
His first retail store failed, so he dropped out of Villanova University and turned his attention to buying and reselling sports equipment. He made $75,000 in his first deal and used the money to create the athletic equipment company KPR Sports. By 1998, when Rubin was only 26, his company sales exceeded $130 million annually.
He became a master at capturing media attention.
His first two experiences taught Rubin how to use the internet to sell products online and capture media attention. So, in 1999, Michael Rubin raised $175 million and started GSI Commerce to help brick-and-mortar retailers sell online, and in 2004, he raised $85 million through two public offerings.
In 2011, Rubin sold GSI Commerce to eBay for $2.4 billion. Today, he focuses on building Fanatics, valued at $27 billion in its latest funding round. An avid sports fan, Rubin is a minority owner of three professional sports teams, the Philadelphia 76ers (NBA), the New Jersey Devils (NHL), and Crystal Palace (EPL).
Rubin gives a lot of money to the causes he believes in.
In 2020, he donated $50,000 to president Joe Biden. In addition, during the pandemic, he launched the All In Challenge, which aimed to be the largest digital fundraising movement ever to raise millions of dollars to feed those in need during the COVID-19 crisis. He lives in Bryn Mawr, Pennsylvania, and continues to impact his home state greatly.
If you had Rubin's money, what causes would you support?
Comments / 6