Marc Lore
Marc Lore | |
|---|---|
| Born | May 16, 1971 Staten Island, New York City, U.S. |
| Occupation(s) | Entrepreneur, investor, business executive |
| Known for | Founder and CEO of Wonder Group; former CEO of Walmart U.S. eCommerce; founder of Jet.com; co-founder of Quidsi |
Marc Eric Lore (born May 16, 1971) is a prominent American entrepreneur, investor, and business executive. He is the founder, chairman, and CEO of the Wonder Group. Between 2016 and 2021, Lore led Walmart U.S. eCommerce as president and CEO following Walmart’s acquisition of his company Jet.com—a platform he launched in 2014—for $3.3 billion.
Prior to Jet.com, Lore co-founded and served as CEO of Quidsi, the parent organization behind websites such as Diapers.com. Amazon acquired Quidsi in 2011 for $545 million. In recognition of his achievements, Ernst & Young honored him as regional Entrepreneur of the Year in 2011, while Fortune included him among the "smartest people in technology." Matt Higgins famously referred to him as the "LeBron James of e-commerce."
After departing from Walmart, Lore revealed plans for a long-term initiative to create "a city of the future" based on an evolved form of capitalism. This vision, named Telosa, was publicly introduced in September 2021.
Early life
Lore was born on May 16, 1971, in Staten Island, New York City, to parents Peter and Chiara Lore. As the eldest of three siblings, he spent his early years in Staten Island before relocating to Lincroft, New Jersey during his adolescence.
His mother worked as a bodybuilder and personal trainer with high-profile clients, while his father established Chadmarc Systems, a computer consulting firm. Lore’s fascination with finance began early; by seventh grade he was studying stocks and derivatives, which became a cornerstone for his future career. During high school, he co-founded a baseball card enterprise called The Mint with a friend.
Education
Lore attended Ranney School in Tinton Falls, New Jersey from fifth through twelfth grade. In 1989, he earned the title of New Jersey State Champion in the 55-meter dash. Known both for his strong numerical skills and playful personality, he teamed up with future business partner Vinit Bharara to practice card counting at casinos while still in high school.
After completing high school in 1989, Lore enrolled at Bucknell University where he competed in track and field events such as the 100-meter sprint and long jump. He graduated cum laude in 1993 with a Bachelor of Arts degree in business management and economics.
Following the start of his banking career, Lore briefly pursued a master’s degree in statistics at Columbia University but did not complete it; nevertheless, he successfully earned the Chartered Financial Analyst (CFA) designation. Additionally, he spent one year at The Wharton School’s MBA program before deciding to leave to focus on launching Diapers.com.
Early career
Upon graduating in 1993, Lore began working at Bankers Trust in New York City. He held several investment banking positions including vice president of emerging markets risk management at Credit Suisse First Boston and executive vice president overseeing risk management at Sanwa International Bank in London.
In 1997, during his tenure at Credit Suisse First Boston, Lore partnered with Lev Borodovsky to establish the Global Association of Risk Professionals (GARP) and introduce the Financial Risk Manager (FRM) certification. Today, more than 50,000 professionals have earned the FRM credential while GARP supports a global membership exceeding 150,000. Lore and Borodovsky also co-authored The Professional's Handbook of Financial Risk Management.
The Pit
In 1999, Lore co-established The Pit, Inc., an online platform specializing in market-making for collectibles, designed as an alternative to eBay. Serving as CEO, he guided the company until its 2001 purchase by sports memorabilia company Topps Company, Inc. for $5.7 million. Following this acquisition, Lore took on the role of COO at Topps' gaming division, WizKids.
Diapers.com
In 2005, Lore partnered with Vinit Bharara to launch 1800DIAPERS, which was later renamed Diapers.com, with Lore acting as CEO. The business was acquired by Amazon in 2011 for $545 million. After the acquisition, Lore remained with Amazon for more than two years.
Jet.com
Lore founded the eCommerce venture Jet.com in 2014 alongside Nate Faust and Mike Hanrahan. As CEO, he spearheaded the company’s launch initiatives, including a November 2014 campaign that offered stock options to early users to generate initial traction. In January 2015, Bloomberg Businessweek featured Jet.com, highlighting its shopping club concept that charged a $49.99 yearly membership fee for discounted pricing; this fee was discontinued in October 2015 to attract a broader customer base.
In February 2015, Jet secured $140 million in funding prior to its official launch from investors such as Bain Capital Ventures, Accel Partners, Alibaba Group, and New Enterprise Associates. Beta participants in May 2015 observed that Jet’s prices were generally lower than Amazon’s, though delivery times were longer. Jet.com publicly launched on July 21, 2015.
On August 8, 2016, Walmart acquired Jet.com for $3.3 billion and appointed Lore as president and CEO of Walmart U.S. eCommerce. Walmart announced the closure of Jet.com on May 19, 2020, directing customers to shop through Walmart.com instead.
Walmart
During Lore’s inaugural full year as CEO, Walmart’s U.S. eCommerce sales increased by 44%. Since acquiring Jet.com, Walmart’s online revenue nearly tripled with a 176% growth over three fiscal years. The company significantly scaled its grocery pickup and delivery services, expanding to approximately 3,300 stores offering pickup and over 1,850 providing delivery options—substantial growth from the limited number available at the time of Jet’s acquisition. Under Lore’s leadership, Walmart introduced free two-day shipping on orders above $35 without requiring a membership fee to compete with Amazon Prime, later accelerating to free one-day delivery following Amazon's example. Recently, Walmart expanded its ship-from-store program to 2,500 locations and launched Express Delivery featuring two-hour order fulfillment.
In 2017, Walmart and Lore introduced Store No. 8, a tech incubator based in Silicon Valley named after an original Walmart store where founder Sam Walton experimented with retail innovations. At the 2017 Shoptalk conference, Lore detailed Store No. 8’s mission to partner with startups focused on robotics, virtual and augmented reality, machine learning, and artificial intelligence.
Despite robust revenue increases, Walmart’s e-commerce segment experienced considerable losses—approximately $1.4 billion in 2018 and $1.7 billion in 2019.
Following his departure from Walmart, Recode reported that Lore is engaged in "a multi-decade initiative to create 'a city of the future' underpinned by 'a reformed version of capitalism.'"
Investor
Lore serves as the principal investor in Archer Aviation, a company specializing in electric vertical take-off and landing (eVTOL) technology aimed at promoting eco-friendly air transportation. In February 2021, he contributed an extra $10 million as Archer secured a $1 billion purchase agreement with United Airlines and finalized a SPAC transaction.
On May 12, 2021, Lore partnered with Alex Rodriguez to establish Vision Capital People (VCP), a venture capital firm launched with an initial $50 million from their personal funds and plans to raise between $300 and $500 million. Their strategy focuses on acquiring early-stage equity stakes ranging from 40% to 80%, significantly larger than standard venture capital shares, reflecting challenges Lore encountered when funding his previous startups. The firm's inaugural investment was in the social commerce enterprise NOW//with.
Later, on July 21, 2021, Lore, Rodriguez, and Dave Portnoy collectively invested in the online brokerage platform Tornado.
Minnesota Timberwolves and Minnesota Lynx
On April 10, 2021, Lore and Alex Rodriguez signed a letter of intent to acquire ownership of the Minnesota Timberwolves and Minnesota Lynx franchises from Glen Taylor. The NBA granted approval for the transaction on July 21, 2021, initially awarding them a minority interest with intentions to assume majority control within three years. In 2024, Taylor asserted that a missed payment nullified the agreement; however, an arbitration panel ruled in favor of Lore and Rodriguez in 2025, pending final endorsement by the NBA Board of Governors.
Telosa
In September 2021, Lore unveiled plans for Telosa, a new city he envisions building from the ground up with a projected population of five million by 2050, beginning with an initial community of 50,000 residents. Potential sites under consideration include desert regions in Utah, Idaho, Nevada, Arizona, Texas, and areas within Appalachia. The name Telosa is derived from the Ancient Greek word telos, signifying "higher purpose".
For this project, Lore engaged the architectural firm Bjarke Ingels Group (BIG), led by Danish architect Bjarke Ingels.
The city’s land ownership framework is inspired by Georgist concepts from Henry George’s Progress and Poverty, permitting individuals to construct, possess, or transfer buildings while the municipality retains ultimate ownership of the land.
Wonder
Founded in 2018 by Lore, Wonder Group is a food delivery enterprise where he holds the positions of chairman and CEO. Marketed as a "modern food court," Wonder operates locations across Manhattan, Brooklyn, several New Jersey towns, and a Walmart site in Pennsylvania. Customers can order from up to 30 virtual restaurants developed in collaboration with renowned chefs such as Bobby Flay, Marcus Samuelsson, and Jose Andres, alongside eateries like DC’s Maydan and Texas’s Tejas Chocolate and Barbecue.
In December 2021, CNBC spotlighted Lore’s ambition to transform home dining by providing options spanning from quick-service meals to gourmet experiences.
By 2021, Wonder had secured $500 million in venture capital from investors including NEA, Accel, GV, General Catalyst, and Bain Capital Ventures. In November 2023, Wonder expanded its portfolio by acquiring Blue Apron for $103 million. Subsequently, in March 2024, the company raised an additional $700 million in funding.
In November 2024, Wonder completed the purchase of Grubhub from Just Eat Takeaway for $650 million.
By May 2025, Wonder had raised $600 million in a financing round led by NEA, Accel, GV (Google Ventures), Forerunner Ventures, along with strategic backers such as Amex Ventures. This funding round elevated Wonder’s valuation to $7 billion.
Professional recognition
In 2019, actress and businesswoman Gwyneth Paltrow referred to Lore as both a mentor and a business advisor, commenting: "He is an expert in e-commerce, making him my primary contact for specialized inquiries."
Lore earned the title of regional Entrepreneur of the Year from Ernst & Young in 2011, was acknowledged by Fortune as one of the "most intelligent figures in technology," and in 2020 was labeled "the LeBron James of e-commerce" by entrepreneur Matt Higgins.
Following the 2016 acquisition of Jet.com, Lore became the highest-compensated executive in the United States.
Personal life
In 1996, Lore secured a spot on the U.S. National Bobsled Team but opted to continue his career in banking, resulting in forfeiting his chance to compete in the 1998 Winter Olympics.
In March 2020, Lore took on Jerry Rice in a 40-yard dash during the Run Rich Run event benefiting St. Jude Children's Research Hospital, emerging victorious.
September 2020 saw Lore partner with Jennifer Lopez and Alex Rodriguez in an attempt to acquire the New York Mets, although the transaction ultimately did not materialize.
In May 2021, Lore joined Ray Lewis on the NFL Network’s broadcast of the NFL Draft for Run Rich Run, an initiative that raised more than $1.7 million for charity. Lore and Lewis were honored as the fastest duo; Lore completed the 40-yard dash in 4.97 seconds.