HartfordWhalers wrote:Scoot McGroot wrote:Texas Chuck wrote:At what point do we start getting concerned this Wolves sale falls apart? And how does that impact who is actually making decisions for them?
Yeah, sounds like ARod could fall apart. But is Lore able and willing to step up and pay the difference, for a higher percentage of ownership, of course?
Okay, I tried to do a bit of a dive on this. It is shallow and I would love if some of our experts way in as well.
But I am really struggling to see how you can actually get to a 4b figure found on sites like:
https://exactnetworth.com/marc-lore-net-worth/They look to be adding money that never went to him for starters.
As for what I see...
When looking into the actual details of when Jet was sold, you can find amazing numbers such as Lore made 4b on it. However, more common is Walmart paid 3.3b, which obviously is still a massive amount and plenty to do a 60-40 or whatever on 1.5b.
However, that ignores that Jet wasn't 100% Lore. The best I have seen,
With a 25 percent stake in Jet’s ownership according to Recode, Lore stands to make as much as $750 million in the deal.
https://digiday.com/marketing/walmarts-acquisition-jet-winners-losers/Edit: Found some earlier sales, so before then
Marc Lore has sold an estimated value of $318.31M worth
.
https://www.benzinga.com/sec/insider-trades/wmt/marc-loreHe had 1,186,279 shares of Walmart as of his last filing before leaving Walmart in January 2021. If he still had those -- and there is absolutely no certainty nor even a good reason to think he does -- that would be worth 150-160m. I say that I expect he doesn't as he regularly sold shares before then as mentioned above, and as a serial entrepreneur would be very likely to want to invest elsewhere, including his joint fund with Arod where they each supposedly put in 50m.
The only other public disclosure I found came from being a 10% owner with 28,086,358 shares of Archer Aviation Inc. (ticker ACHR), currently trading at $3.56 per share for extremely close to 100m.
For those curious, he added over 1.1m shares in march so he either was supporting the price himself or wasn't showing signs of needing liquidity, granted we are talking about under 4m invested. Also, the value is pretty volatile, and that is over 10 days of trading volume, so not sure I would count this as liquid per see, but within the last year it also was over 100m higher.
Besides that you can dig back and look at the Diaper.com stuff way before then, and apparently there is a new utopian city where capitalism is changed.
https://nypost.com/2022/08/25/inside-billionaire-marc-lores-utopian-city-telosa/https://www.sportscasting.com/timberwolves-owner-marc-lore-building-new-425-billion-city-barren-desert-america/My guess is he cannot go it without Arod, and would be one of the poorer majority owners assuming he is indeed one, but I'm happy to hear from others who know more.
It is worth remembering that this has always been a strange transaction. Staged over many years, and set so that the existing minority partners cannot sue and get the same price being paid now for the team -- including a lawsuit over that. So, I would watch it close and my knee jerk is a third partner is added?