Dan Gilbert Net Worth
Dan Gilbert Net Worth: Dan Gilbert is an American self-made entrepreneur who has a net worth of $42 billion dollars. Dan Gilbert earned his fortune as the founder and CEO of Quicken Loans. He also famously is owner of the NBA's Cleveland Cavaliers and the American Hockey League team the Lake Erie Monsters.
Quicken Loans was originally called Rock Financial. Gilbert launched the company with his brother and some childhood friends. The company's name was changed after it was purchased by Intuit, Inc, the company that also created Quicken and TurboTax. Gilbert continues to serve as company Chairman.
Daniel Gilbert was born on January 17, 1962, in Detroit, Michigan. In 1985, a 22 year old Dan Gilbert saw a huge opportunity in the growing mortgage origination industry. Seizing this opportunity, Gilbert set up a small mortgage company that he called called Rock Financial. He founded the company with Ron Berman, Lindsay Gross and his younger brother, Gary Gilbert. The company eventually turned out to be a huge success, surpassing traditional banks like Wells Fargo. In 1999, Gilbert sold Rock Financial to Intuit for $532 million. Three years later, Gilbert purchased the company back for $64 million.
In 2010, Quicken Loans, which now operates under the umbrella firm of Rocket Companies, moved its headquarters and 1,700 of its employees to downtown Detroit to help revitalize the city. According the company's bylaws, its headquarters can not be moved outside of Detroit unless 75% of the voting rights holders agree to a move. Mathematically, Gilbert owns 79% of the company's voting shares which, in essence, means the company can not move out of Detroit without Gilbert's approval. Gilbert has made several other major investments in the bankrupt city of Detroit, including his $600 million purchase of Greektown Casino and Hotel. Gilbert is also the majority owner of the NBA's Cleveland Cavaliers, the AHL's Lake Erie Monsters, the AFL's Cleveland Gladiators, as well as the NBA Development League's Canton Charge. Furthermore, he serves as operator of the Quicken Loans Arena in Cleveland, Ohio and chairman of Rock Gaming, which opened its first Horseshoe Casino in downtown Cleveland in May 2012.
In 2019 Rocket Companies generated $5.1 billion in revenue and just under $900 million in net income. In the first half of 2020 alone, Rocket generated $124 billion in new mortgages.
Rocket IPO: In August 2020, Rocket Companies went public on the New York Stock Exchange. In its first few hours of trading the share price jumped 20% and the company's market cap topped $38 billion. Dan owns 95% of Rocket's equity which mean at that level his stake was worth $36.5 billion. He sold $1.8 billion worth of his shares at the IPO. When combined with his other assets, on the day of the IPO, Gilbert's net worth topped $42 billion. At that level he was instantly one of the 20 richest people in America and the 30 richest people in the world.
Cleveland Cavs: Dan became the majority owner of the Cleveland Cavaliers in 2005 for $375 million. Two years earlier the team drafted a local high school superstar by the name of LeBron James. Gilbert hired a new head coach and a new general manager soon after acquiring the team. The team went on to make five-straight playoffs from 2006 to 2010. LeBron famously left the Cavs for the Miami Heat in July 2010. Gilbert was vocally critical of LeBron leaving, penning an open letter that trashed the former star. The hatchet was buried in 2014 when LeBron moved back to the Cavs after winning two championships with the heat (2012 and 2013). With LeBron back, the Cavs made four consecutive finals appearances between 2015 and 2018. All four against the Golden State Warriors. They won the 2016 NBA Championship, the first title in Cavs team history. Today the Cavs are estimated to be worth at least $1.5 billion.
|Net Worth:||$42 Billion|
|Date of Birth:||Jan 17, 1962 (58 years old)|
|Height:||5 ft 6 in (1.68 m)|
|Profession:||Entrepreneur, Businessperson, Investor|
|Nationality:||United States of America|