STATEN ISLAND, N.Y. — Billionaire Marc Lore’s journey from his Staten Island childhood to successful entrepreneur, NBA owner, and chairman and CEO of the Wonder is a story of grit, creativity, and the relentless pursuit of innovation.
Lore is a serial entrepreneur who has started and sold four companies, including Jet.com, which was sold to Walmart for $3.3 billion in 2016, and Diapers.com/Quidsi, which was sold to Amazon in 2011 for $550 million.
He and New York Yankee great Alex Rodriguez co-own the Minnesota Timberwolves and Lynx.
In an exclusive interview with SILive.com, Lore talked about his grade school years (he lived on Staten Island until the age of 10), and the lessons learned along the way, especially about the future of food delivery and AI-powered meal planning.
Let’s start toward the the beginning. With both parents young and still figuring things out, Lore often found himself alone, using his imagination to play with toys like little green Army men, dreaming up creative ways to play and strategize.
“I spent my formative years in a small apartment above my grandparents' house,” he recalls. “I spent a lot of time just thinking, even as a kid. I think that’s where a lot of my entrepreneurial mindset began — creating things, solving problems."
Marc Lore
Minnesota Timberwolves new owners Marc Lore, right, and baseball great Alex Rodriguez, left, address the media after current owner Glen Taylor introduced them during a news conference for the NBA Timberwolves basketball team on Monday, Sept. 27, 2021, in Minneapolis. (Associated Press/Jim Mone)AP
Creating something from nothing
At just 4 years old, Lore dreamed of becoming a farmer because he loved the idea of creating new from the ground up, or “creating something from nothing,” as he put it.
Around middle school, Lore, now 53, developed an interest in finance. At 12, he began reading books on stocks, stock options, and derivatives, which sparked his passion for the industry.
During his high school years, he also co-founded a baseball card company called The Mint with his childhood friend, Lax Chandra.
Despite his numerous business ventures and billion-dollar deals, Lore is surprisingly grounded. He admits that work-life balance isn’t easy to maintain.
“I work 100 hours a week, seven days a week,‘’ he said. ”I don’t really have much time for anything else. But I try to keep things simple — one apartment, one car, minimal distractions.”
However, Lore does make time for his closest friends. “I’ve known my two best friends since I was 10,” he says, referring to his childhood friends who became co-founders in his early ventures. “Friendship and loyalty are so important to me.”
Marc Lore
In this Monday, May 2, 2016, file photo, Marc Lore speaks during an interview in Hoboken. (Associated Press/Seth Wenig, File)AP
The early years and Diapers.com
Lore is the eldest of three children born to Peter and Chiara Lore, who relocated Lincroft, a neighborhood in Middletown Township, New Jersey. He now calls Manhattan home.
His mother, a bodybuilder and personal trainer, notably worked with model and actress Julianne Phillips, who was married to Bruce Springsteen during the late 1980s. Meanwhile, his father founded a computer consulting company named Chadmarc Systems, which was inspired by the names of his two sons.
After years working in banking, Lore hit a pivotal moment in his career, he said.
“I had a good job, I was an executive vice president, making good money, but I knew I wanted more,” he says. “I wanted to build something from scratch. I remember walking into my boss’s office one day and just quitting. I didn’t know what I was going to do, but I knew I couldn’t stay in banking.”
That leap of faith eventually led Lore to found Diapers.com, a company that would change the world of e-commerce. However, his path was not without its obstacles.
“The diaper manufacturers wouldn’t sell to us,” he explains. “So we had to buy diapers from places like Costco and BJ’s Wholesale, carry them out of the stores ourselves, and load them into trucks. It was brutal.”
Despite this, Lore and his team persisted, and after some negotiation, they managed to get the manufacturers on board, setting the stage for a billion-dollar success.
In 2005, Lore’s Diapers.com grew exponentially, and soon, Amazon came knocking. “Selling to Amazon was a big deal, but honestly, my co-founder and I weren’t thrilled,” Lore admits. “We had this grand vision, and it felt like it was cut short.
Marc Lore
Minnesota Timberwolves' Karl-Anthony Towns, center, poses with new team ownership partners Marc Lore, right, and baseball great Alex Rodriguez, left, during the NBA basketball team's media day on Monday, Sept. 27, 2021, in Minneapolis. (Associated Press/Jim Mone)AP
Jet.com and Walmart’s acquisition
Lore co-founded Jet.com with Mike Hanrahan and Nate Faust, launching the e-commerce platform in July 2015.
Jet.com was designed to disrupt the online retail market by offering products at discounted prices through innovative pricing models, a unique approach that caught the attention in the e-commerce space.
In August 2016, Walmart acquired Jet.com for a staggering $3.3 billion but announced its the closure in May 2020, redirecting visitors to Walmart.com. “That deal was different. We were excited because we knew we were on the same page with Walmart,” Lore said.
While Jet.com may no longer exist as an independent entity, its legacy lives on through its contributions to Walmart’s e-commerce growth, including innovations like two-day free shipping and NextDay Delivery.
“When we sold Jet.com to Walmart, it was different,” said Lore. “Walmart shared our vision of building a powerhouse in e-commerce, and that’s exactly what we did.
Marc Lore
Minnesota Timberwolves partial owners Marc Lore and Alex Rodriguez talk during the first half of an NBA basketball game against the Miami Heat, Saturday, March 12, 2022, in Miami. (Associated Press/Marta Lavandier)AP
Minnesota Timberwolves and Lynx
When asked why he chose the NBA over Major League Baseball, Lore reveals that it was a passion for underdog stories that drew him to the Timberwolves.
“Alex (Rodriguez) and I love the idea of buying a team with a lot of potential,” shared Lore, who was in the running to acquire the New York Mets, but lost to Steve Cohen.
“The Timberwolves have such a rich history, and we saw the opportunity to really make a difference there.”
In a key ruling announced last month, a three-person arbitration panel ruled in favor of Marc Lore and Alex Rodriguez, the potential new owners of the Minnesota Timberwolves and Lynx, allowing them to continue their efforts to take over the teams from current owner Glen Taylor.
The decision clears the way for a crucial vote among NBA owners to officially determine who will control the franchise. This vote will likely coincide with the final sale and payment.
The arbitration panel found that Taylor had breached the sales agreement when he claimed that Lore and Rodriguez missed a deadline for a $600 million payment last March 28, which was supposed to secure their 80% majority stake in the teams.
VISION FOR WONDER
These days, Lore is focused on Wonder, a groundbreaking food delivery service he founded with a vision to change the way people eat.
The company’s mission is simple: to make top-tier dining available to everyone, no matter where they are. With partnerships with famous chefs and restaurants, Wonder is expanding fast and planning to take its service to more places, so soon, you’ll be able to enjoy fine dining anytime, anywhere.
A Staten Island location opened in Oct. 2024, in the corner of Broadway and Forest Ave.
“We saw the rise in food delivery and wanted to elevate the experience,” said Lore. “Our goal is to give customers the ability to order from multiple restaurants in one delivery and have it arrive fast, hot, and accurate.”
Indeed, Wonder is changing the game when it comes to food delivery. Wonder brings high-quality meals from top restaurants, including celebrity chefs, straight to your door.
The best part? You can order from multiple places in one go, so you get a variety of food in a single delivery. It’s like getting the finest restaurant food without leaving your couch—fast, fresh, and way better than typical delivery options.
INTEGRATION OF AI
Wonder works by preparing food in a central kitchen, then quickly cooking it at local spots using special TurboChef ovens. This ensures that everything arrives hot and ready to eat.
But that’s just the beginning.
Lore’s long-term vision for Wonder is to create a “super app” for meal time, where consumers can order everything from meal kits to groceries, and even make reservations.
And, in a bold step into the future, Lore is working on integrating AI into the app, which would allow users to get personalized meal plans based on health goals, dietary preferences, and even budget.
Lore is particularly excited about the potential of AI in food delivery.
“Imagine an AI platform that knows your health goals, understands your food preferences, and automatically orders the groceries you need,” he says. “The AI could even generate meal plans that help you stay healthy, save money, and eliminate food waste.”
He believes that this type of technology has the potential to make food delivery cheaper, healthier, and more efficient for everyday consumers.
“It’s a win-win,” he says. “AI will save people time, money, and energy while helping them achieve their health goals.”
AP
Minnesota Timberwolves minority owner Marc Lore looks on as players warm up before Game 7 of an NBA second-round playoff series against the Denver Nuggets Sunday, May 19, 2024, in Denver. (AP Photo/David Zalubowski)AP
MARC LORE’S LEGACY
As for his legacy, Lore is determined to be remembered not only as a successful entrepreneur but as a kind leader. “I want to show that you can be successful without being ruthless,” he says. “I want people to remember me as someone who led with kindness and empathy.”
Looking ahead, Lore is focused on expanding Wonder and continuing to build his vision for a healthier, more efficient future. “It’s all about creating value,” he concludes. “If we can do that while helping people live better lives, then we’ve succeeded.”
Marc Lore’s path has been anything but conventional, but his story is one of perseverance, vision, and a relentless drive to innovate.