History of Marc Lore in Timeline
Marc Lore is an American entrepreneur best known for his work in e-commerce. He is currently the Founder, Chairman, and CEO of the Wonder Group. Previously, he was the President and CEO of Walmart U.S. eCommerce from 2016 to 2021. Lore gained recognition when Walmart acquired his company, Jet.com, an e-commerce website he launched in 2014, for $3.3 billion.
1989: Marc Lore becomes New Jersey State Champ in track and field
In 1989, during his senior year at Ranney School, Marc Lore won the New Jersey State Championship for the 55-meter dash.
1993: Marc Lore begins career at Bankers Trust
After graduating from college in 1993, Marc Lore started his career at Bankers Trust in New York City.
1993: Marc Lore graduates from Bucknell University
Marc Lore graduated cum laude from Bucknell University with a Bachelor of Arts in business management and economics in 1993.
1996: Lore Qualifies for U.S. National Bobsled Team
Marc Lore showcased his athletic prowess by qualifying for the U.S. National Bobsled Team in 1996. However, he chose to prioritize his banking career, relinquishing his spot on the team for the 1998 Winter Olympics.
1997: Co-founds Global Association of Risk Professionals (GARP) and Financial Risk Manager (FRM) certification
While working at Credit Suisse First Boston in 1997, Marc Lore and his colleague, Lev Borondovsky, co-founded the Global Association of Risk Professionals (GARP) and established the Financial Risk Manager (FRM) certification.
1998: Lore Misses 1998 Winter Olympics
Marc Lore missed his chance to compete in the 1998 Winter Olympics due to choosing to stay with his banking job over training for the bobsled team.
1999: Co-founds The Pit, Inc.
In 1999, Marc Lore co-founded The Pit, Inc., an online marketplace for collectibles.
2001: The Pit, Inc. sold to The Topps Company, Inc.
Marc Lore's company, The Pit, Inc., was sold to The Topps Company, Inc. for $5.7 million in 2001.
2005: Founding of 1800DIAPERS (later Diapers.com)
Marc Lore, along with Vinit Bharara, founded 1800DIAPERS, which was later renamed Diapers.com, in 2005.
2011: Diapers.com sold to Amazon
In 2011, Diapers.com was sold to Amazon for $545 million. Lore then worked for Amazon for over two years.
2011: Sale of Quidsi to Amazon
In 2011, Marc Lore's company Quidsi, the parent company of Diapers.com and other websites, was sold to Amazon for $545 million.
2011: Lore Receives Ernst & Young Entrepreneur of the Year Award
Marc Lore was honored as the regional Entrepreneur of the Year by Ernst & Young in 2011, recognizing his exceptional entrepreneurial achievements.
November 2014: Jet launches stock options campaign
In November 2014, Jet launched a campaign offering stock options to users who helped generate word-of-mouth marketing for the company before its official launch.
2014: Launch of Jet.com
Marc Lore co-founded and launched the e-commerce website Jet.com in 2014.
January 2015: Jet featured in Bloomberg Businessweek
Jet was featured in a cover story in Bloomberg Businessweek in January 2015. The article revealed Jet's initial business model as a shopping club with an annual membership fee.
February 2015: Jet raises $140 million in pre-launch funding
Jet secured $140 million in pre-launch funding from investors including Bain Capital Ventures, Accel Partners, Alibaba Group, and New Enterprise Associates in February 2015.
May 2015: Beta testing of Jet.com
Beta testers in May 2015 reported that Jet.com offered lower prices compared to Amazon but had longer delivery times.
July 21, 2015: Jet.com launches to the public
Jet.com officially launched to the public on July 21, 2015.
October 2015: Jet eliminates membership fee
Jet removed its annual membership fee in October 2015, shifting away from its initial shopping club model.
August 8, 2016: Walmart acquires Jet.com
Walmart acquired Jet.com for $3.3 billion on August 8, 2016. Following the acquisition, Lore became president and CEO of Walmart U.S. eCommerce.
September 2016: Marc Lore appointed President and CEO of Walmart U.S. eCommerce
Marc Lore was appointed President and CEO of Walmart U.S. eCommerce in September 2016 after Walmart acquired his company, Jet.com.
2016: Lore Becomes Highest-Paid Executive After Jet.com Acquisition
Following the acquisition of Jet.com in 2016, Marc Lore garnered attention as the highest-paid executive in the United States.
2018: Walmart's e-commerce division experiences losses
Despite revenue growth under Lore's leadership, Walmart's e-commerce division incurred significant losses, approximately $1.4 billion, in 2018.
2019: Gwyneth Paltrow Recognizes Lore as a Mentor
Actress and entrepreneur Gwyneth Paltrow acknowledged Marc Lore as her mentor and business coach in 2019, highlighting his expertise in e-commerce.
2019: Walmart's e-commerce division continues to face losses
Walmart's e-commerce division continued to experience losses in 2019, with an estimated $1.7 billion loss.
March 2020: Lore Wins 40-Yard Dash Against Jerry Rice for Charity
In March 2020, Marc Lore participated in Rich Eisen's Run Rich Run, a charity event for St. Jude Children's Research Hospital. He challenged Hall of Fame football player Jerry Rice to a 40-yard dash and emerged victorious.
May 19, 2020: Walmart shuts down Jet.com
Walmart decided to shut down Jet.com on May 19, 2020, directing customers to use Walmart.com instead.
September 2020: Lore Joins Bid to Buy New York Mets
In September 2020, Marc Lore teamed up with Jennifer Lopez and Alex Rodriguez in an attempt to purchase the New York Mets baseball team. However, the deal was unsuccessful.
2020: Lore Dubbed "The LeBron James of E-Commerce"
In 2020, businessman Matt Higgins dubbed Marc Lore as "the LeBron James of e-commerce," praising his dominance and influence in the industry.
February 2021: Lore invests in Archer Aviation
Marc Lore increased his investment in Archer Aviation, an electric vertical take-off and landing (eVTOL) company, with an additional $10 million in February 2021.
April 10, 2021: Lore and Rodriguez move to purchase Minnesota Timberwolves and Lynx
Marc Lore and Alex Rodriguez signed a letter of intent on April 10, 2021, to purchase the NBA's Minnesota Timberwolves and WNBA's Minnesota Lynx from Glen Taylor.
May 12, 2021: Founding of Vision Capital People (VCP)
On May 12, 2021, Alex Rodriguez and Marc Lore launched their new venture capital firm, Vision Capital People (VCP), with an initial investment of $50 million of their own money.
May 2021: Lore Participates in Run Rich Run, Raises $1.7M for Charity
Marc Lore, alongside Ray Lewis, participated in the NFL Network's coverage of the NFL Draft for Rich Eisen's Run Rich Run in May 2021. The event raised over $1.7 million for St. Jude Children's Research Hospital, with Lore and Lewis recognized as the fastest team.
July 21, 2021: Lore, Rodriguez, and Portnoy invest in Tornado
Marc Lore, Alex Rodriguez, and Dave Portnoy became investors in online brokerage firm Tornado on July 21, 2021.
September 2021: Announcement of Telosa
Marc Lore announced his ambitious project, Telosa, in September 2021. Telosa is a planned city of the future, envisioned to be built from scratch and operate on a "reformed version of capitalism."
September 2021: Announcement of Telosa, a planned city
Marc Lore unveiled plans for Telosa, a city he intends to build from the ground up, in September 2021.
December 2021: CNBC Reports on Wonder's Mission to Redefine At-Home Dining
In December 2021, CNBC highlighted Wonder's ambitious goal to transform at-home dining experiences by offering diverse culinary options, from fast food to gourmet meals.
December 2021: Marc Lore becomes Founder, Chairman, and CEO of Wonder Group
In December 2021, Marc Lore assumed the roles of Founder, Chairman, and CEO of Wonder Group.
2021: Wonder Group Secures $500 Million in Venture Funding
By 2021, Wonder Group had successfully raised $500 million in venture funding from prominent investors, solidifying its financial standing.
November 2023: Wonder Acquires Blue Apron
Wonder Group acquired Blue Apron in November 2023, expanding its reach in the meal-kit delivery market.
March 2024: Wonder Raises $700M in Funding
In March 2024, Wonder Group secured $700 million in a fundraising round, demonstrating strong investor confidence in the company's growth potential.
2050: Target population for Telosa
The Telosa project aims to have a population of 5 million residents by 2050.
