World Library  
Flag as Inappropriate
Email this Article

Michael G. Rubin

Article Id: WHEBN0033595053
Reproduction Date:

Title: Michael G. Rubin  
Author: World Heritage Encyclopedia
Language: English
Subject: EBay Enterprise, Nicole Lapin, Philadelphia 76ers, Joshua Harris (businessman), Marc J. Leder
Collection: 1972 Births, American Billionaires, American Businesspeople, American Jews, Living People
Publisher: World Heritage Encyclopedia
Publication
Date:
 

Michael G. Rubin

Michael G. Rubin
Born 1972 (age 42–43)
Ethnicity Jewish
Citizenship United States
Occupation entrepreneur
Known for founder of Kynetic
Net worth Decrease US$ 2.3 billion (April 2014)[1]
Spouse(s) Meegan Rubin (divorced)
Children one

Michael G. Rubin (born 1972) is the founder and CEO of Kynetic, an e-commerce services company. The company was recently valued at $1 billion.[2]

Contents

  • Early life and education 1
  • Career 2
    • Philadelphia 76er ownership 2.1
  • Personal life 3
  • References and footnotes 4

Early life and education

Rubin was born to a Jewish family, the son of Paulette and Ken Rubin.[3] His mother is a psychiatrist and his father a veterinarian.[4] He grew up in Lafayette Hill, PA where he started a ski-tuning shop in his parents’ basement when he was 12[5] and two years later - using $2,500 in bar mitzvah gifts as seed capital and a lease signed by his father - he opened a formal ski shop in Conshohocken, Pennsylvania.[3] By the age of 16, he was some $200,000 in debt and was able to settle with his creditors using a $37,000 loan from his father under the condition he attend college.[3] Rubin agreed, continuing to operate the business, which grew to five ski shops before he entered college.[3] He attended Villanova University[4] for a semester before dropping out after realizing a large gain on an opportunistic transaction (buying $200,000 in overstock equipment with $17,000 borrowed from a friend and re-selling it for $75,000).[3]

Career

Using the proceeds from his serendipitous overstock transaction and after selling his ski shops, he went on to found the athletic equipment closeout company KPR sports - named after his parents initials - which bought and sold over-stock name brand merchandise.[3] In 1993, the year Rubin turned 21, KPR reached $1 million in annual sales;[4] by 1995, KPR reached $50 million in sales.[3] In 1995, Rubin purchased 40% of the women's athletic shoe manufacturer Ryka.[3]

In 1998, Rubin created Global Sports, which would later turn into GSI Commerce, a multi-billion dollar e-commerce company.[6] At 38, Rubin sold his company GSI Commerce to eBay for $2.4 billion[2] reaping a $150 million windfall.[7] As eBay just wanted the order fulfillment business for large retailers so it could better compete with Amazon.com, Rubin was able to buy back the consumer businesses of GSI at a fire sale price.[7] He repurchased: Fanatics, Inc., a licensed sports merchandiser; Rue La La, a flash seller, and Shop Runner, a retail benefits program, merging the three companies into a new entity named Kynetic.[7] Rubin serves as executive chairman on each of his companies’ boards.[7]

Rubin played a role in the CBS television show Undercover Boss.[8] He has been mentioned in The New York Times,[9] and People Magazine.[3] Forbes named him one of 2011’s “20 Most Powerful CEOs 40 and Under.”[10]

Philadelphia 76er ownership

In October 2011, Rubin bought a minority share in the Philadelphia 76ers.[11] Rubin is a member of the investment group that won a $280 million bid for the team. The other members of the investment group are: Joshua Harris of the private equity firm Apollo Global Management, portfolio manager Art Wrubel, former NBA agent and Sacramento Kings executive Jason Levien,[12] former Vail Resorts CEO Adam Aron, Martin Geller, David Heller, Travis Hennings, James Lassiter, David S. Blitzer, Will Smith & Jada Pinkett Smith, and Indonesian businessmen Handy Soetedjo & Erick Thohir.[13] Comcast-Spectacor began talks with the investment group in the summer of 2011. The deal was announced on July 13, 2011.[14] The NBA formally approved the deal on October 13, 2011.[15]

Personal life

Rubin is divorced from local dance teacher Meegan Rubin. They have one daughter.[16][17] Since 2011, he has been living with his long-term girlfriend, CNN and CNBC anchor Nicole Lapin.[18]

References and footnotes

  1. ^ Forbes: The World's Billionaires - Michael Rubin April 2014
  2. ^ a b DiStefano, Joseph N. (2011-09-12). "Facebook, Groupon...and Philly's Kynetic". Philadelphia Inquirer. Retrieved 2012-05-26. 
  3. ^ a b c d e f g h i Neil, Michael (1995-10-02). "Sneaker Stud". People. Retrieved 2011-11-04. 
  4. ^ a b c AOL: "Very Different Kind of Undercover Boss" By Lisa Johnson Mandell March 20, 2010
  5. ^ Huang, Patricia (2006-07-06). "America's Youngest CEOs". Forbes. Retrieved 2011-11-04. 
  6. ^ Liberman, Noah (2001-11-05). "Michael Rubin Profile". Sports Business Daily. Retrieved 2012-05-26. 
  7. ^ a b c d Forbes: "Newly-Minted Billionaire Is Spinning eBay Scraps Into Gold" November 19, 2012
  8. ^ "CBS' Undercover Boss". CBS. Retrieved 2012-05-26. 
  9. ^ Zipkin, Amy (2010-08-07). "Trust Your Instincts". The New York Times. Retrieved 2011-11-04. 
  10. ^ "20 Most Powerful CEOs 40 and Under". Forbes. 2011-02-14. Retrieved 2011-11-04. 
  11. ^ "Indonesian businessman first Asian to own NBA team". The Star. 2011-10-20. 
  12. ^ Philadelphia Inquirer: "Those who know him say Joshua Harris, soon-to-be Sixers owner, lives for competition and success" By Kate Fagan August 02, 2011
  13. ^ ESPN: "Group led by Joshua Harris completes purchase of Sixers" October 18, 2011
  14. ^ Sale of 76ers to Joshua Harris finished. ESPN, 2011-07-13.
  15. ^ Group led by Joshua Harris completes purchase of 76ers. Philadelphia 76ers, 2011-10-13.
  16. ^ Main Line Today: "LibertyMe Dance Studio in Bryn Mawr Teaches Dance Technique and Charity for Kids" By J. F. Pirro February 12, 2013
  17. ^ Philly Style magazine: "The Secrets to Michael Rubin's Success" retrieved July 21, 2013
  18. ^ "Lapin’s ‘Undercover’ love". New York Post. 2012-02-09. Retrieved 2012-05-26. 
This article was sourced from Creative Commons Attribution-ShareAlike License; additional terms may apply. World Heritage Encyclopedia content is assembled from numerous content providers, Open Access Publishing, and in compliance with The Fair Access to Science and Technology Research Act (FASTR), Wikimedia Foundation, Inc., Public Library of Science, The Encyclopedia of Life, Open Book Publishers (OBP), PubMed, U.S. National Library of Medicine, National Center for Biotechnology Information, U.S. National Library of Medicine, National Institutes of Health (NIH), U.S. Department of Health & Human Services, and USA.gov, which sources content from all federal, state, local, tribal, and territorial government publication portals (.gov, .mil, .edu). Funding for USA.gov and content contributors is made possible from the U.S. Congress, E-Government Act of 2002.
 
Crowd sourced content that is contributed to World Heritage Encyclopedia is peer reviewed and edited by our editorial staff to ensure quality scholarly research articles.
 
By using this site, you agree to the Terms of Use and Privacy Policy. World Heritage Encyclopedia™ is a registered trademark of the World Public Library Association, a non-profit organization.
 


Copyright © World Library Foundation. All rights reserved. eBooks from Project Gutenberg are sponsored by the World Library Foundation,
a 501c(4) Member's Support Non-Profit Organization, and is NOT affiliated with any governmental agency or department.