How did Michael Rubin make his money? Fortune explored as star-studded 2023 Hamptons party makes waves online

Michael Rubin is an American entrepreneur and philanthropist, better known as the CEO of Fanatics, the world’s leading manufacturer of licensed sports merchandise. Over the weekend, the billionaire businessman organized a star-studded affair at his Bridgehampton mansion. According to Cosmopolitan, it was an annual Independence Day celebration clubbed with Rubin’s pre-birthday party.

Celebrity couples like Justin and Hailey Bieber, Ben Affleck and Jennifer Lopez with their daughter Violet and Lopez’s sister Leslie, and Jay-Z and Beyonce were present. Most were dressed in an all-white ensemble, which seemed to be the theme of the summer party. Rappers Ne-Yo and Usher performed for the guests.

The likes of Tom Brady, James Corden, Kevin Hart, EmRata, Cami Mendes, Jack and Winnie Harlow, Tina Knowles, Travis Scott, Emily Ratajkowski, Kelly Rowland, Jack Harlow, Dixie D’Amelio, Fabolous, Druski, Camille Fishel, Jonathan Cheban, Corey Gamble, Kim Kardashian, Lori Harvey, Lala Anthony, Justine Skye, Renell Medrano, and Kendall Jenner were also a few among the attendees.

Last month, Page Six reported that Michael Rubin was arranging for an exclusive, invite-only summer soiree, and some of New York City’s finest restaurants will cater to the event, including the exclusive celeb pizza favorite plazas Lucali and Cucina Alba.

Michael Rubin made his fortune by selling his company GSI Commerce (founded in 1998) to eBay for 2.4 billion dollars in 2011, as per entrepreneur.com. As of 2023, his net worth is 11.4 billion dollars, as cited by Forbes.

Dubbed the “White Party,” this was the fourth time Rubin organized such a star-studded gathering that left the internet in awe.

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Michael Rubin started off as a self-built ski shop owner

Now 50 years old, when Michael Rubin was 16, he constructed a 142-foot ski ramp using 45000 pounds of ice. His goal was simple, to allow the locals in his hometown in Pennsylvania to test their ski gear. He called his creation Mike’s Ski Shop, which was located in Conshohocken.

Before becoming a teenage entrepreneur, Michael Rubin sold vegetable seeds going door to door in his Philadelphia neighborhood as an 8-year-old boy. He shoveled snow out of driveways and printed stationery on a rented Apple II Plus to sell to rich kids. By the age of 12, he had opened a ski tune-up shop in his parent’s basement, and two years later, he set up a retail ski shop.

After graduating high school, he joined Villanova Business School. Eventually, he dropped out after six weeks as he couldn’t concentrate on his studies while simultaneously working on his ski shop business.

In his 20s, Rubin built a ski-equipment business called KPR Sports which later merged with athletic shoe company Ryka to become Global Sports Inc. Later, he purchased the whole thing and named it GSI Commerce. By 1998, his business had flourished so much that it made $130 million annually.

Eventually, with the turn of the century came the internet. While Michael Rubin initially disregarded the then-futuristic technology, he soon understood its relevance. In 2000, he moved GSI online, which earned billions until he decided to sell it to eBay in 2011 for 2.4 billion dollars. But in doing so, he also made sure that he owned 10 percent of the company in shares.

At present, Rubin owns multiple e-commerce businesses such as a fashion flash sale site called Rue La La, a business holding company called Kynetic, a two-day shipping membership site Shop Runner, two e-commerce portfolio companies, Gilt.com and ShopPremiumOutlets.com, and online sports gear website Fanatics – all making millions, and billions of dollars per year.

He is also the co-founder and co-chair of the non-profit Reform Alliance. Michael Rubin is also closely associated with several sporting franchises and tournaments across the USA. He has been part of Forbes 400: The Richest People in America, Forbes: The World’s Billionaires, and the Bloomberg Billionaires Index.