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Ty Warner is an American billionaire who marked his name on the international platform with the Beanie Babies toy line that became a worldwide craze. He is the CEO, sole owner and founder of Ty Inc., which manufactures and distributes many toys internationally.
Ahead of the release of the documentary Beanie Mania that looks into the beginning of the Beanie Babies toy line and how it captured the market and hearts of consumers, here is a look into the brains behind it all.
More about Ty Warner: Life and Fortune explored
The American toy manufacturer, businessman, and former actor is confirmed to have a net worth of $2.7 billion.
Ty Warner was born in 1944 in Chicago, Illinois. He dropped out of college to move to Los Angeles and pursue an acting career. However, after not making it in Hollywood, Warner moved back to Chicago and worked for toymaker Dakin. In 1986, Warner mortgaged his house and invested his life savings into founding his line of toys, Ty Inc.
After some years of struggle, his business boomed when Ty Inc. launched Beanie Babies, becoming an international craze. At that time, Ty Inc. profited $700 million in one year. Ty Inc. manufactures and distributes Beanie Baby 2.0s, Ty Girlz, Beanie Boos, Beanie Ballz, Monstaz, Pluffies, LI'L Ones and other plush toys.
The Ty Warner controversy
In 2014, Warner was sentenced to two years probation for tax evasion. It was even discovered that he had an offshore account containing more than $107 million. However, his philanthropic efforts helped Warner receive a lenient sentence. Warner had donated more than $6 million to the Andre Agassi Foundation for underprivileged children and spent $3 million to create Ty Warner Park in Westmont, Illinois. He has also benefitted charities like Elizabeth Glaser Pediatric AIDS Foundation and the American Red Cross, among many others.
What is the 'Beanie Mania'?
Ty Inc. launched the Beanie Babies line in 1993, which soon became a sensation around 1995 and 1996. The Beanie Babies were on everyone's wish list by the late ’90s. The upcoming documentary Beanie Mania explores how a children’s toy sent the world into a frenzy and captured the market for years to come.
Beanie Mania will be available to watch on HBO Max from December 23, 2021.
