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Billionaire Marc Lore has announced plans to develop a sustainable city in the U.S. deserts. The proposed city project is called Telosa, which will be completely eco-friendly and resistant to droughts.
Telosa's project statement reads:
“Imagine a city with the vibrancy, diversity and culture of New York City combined with the efficiency, safety and innovation of Tokyo and the sustainability, governance, and social services of Sweden.”
Marc Lore’s Telosa will be built on 150,000 acres of land and is expected to have a full capacity of around 5 million residents. All are also expected to be in reach within 15 minutes from the residences.
Furthermore, the project also pledges to be inclusive and diverse. The website reads:
“We believe everyone is an important and valued member of the community, and their voice should be heard, contributing to new possibilities.”
What is Marc Lore’s net worth?
According to Exact Net Worth, Marc Lore is reportedly worth around $4 billion. The 50-year-old entrepreneur was CEO of Walmart’s e-commerce division from 2016 to 2021. Prior to which he had also founded his own firms.
Marc Lore worked as a banker in the early 1990s after graduating from New York City’s Bankers Trust. In 1999, the Staten Island native co-founded an eBay competitor online collectable e-commerce site, which Topps acquired for $5.7 million in 2001.
Following the deal with Topps, Lore joined the company’s subsidiary Wizkids as COO.
In 2005, Marc Lore co-founded Diapers.com (formerly known as 1800DIAPERS), where he was the CEO. Similar to his deals with Topps, Diapers.com was sold to Amazon in 2011 for $545 million. Furthermore, Lore also worked as an executive for Amazon for the following two years.
Marc Lore also founded another e-commerce platform called Jet in 2014. He served as the CEO of Jet, which Walmart acquired in 2016 for $3.3 billion. The deal followed Lore’s ascension to CEO and president of Walmart e-commerce.
Lore was paid $244 million by Walmart, making him the highest-paid executive in America. This enabled Marc to purchase a penthouse in New York City for $43 million.
In 2020, Walmart shut down Jet, this followed Lore’s exit from the firm as CEO of the e-commerce division.
According to Business Insider, Walmart’s sales grew by 44% when Lore was at the helm. After his exit from Walmart, Marc Lore became a renowned investor in Archer Aviation, a firm trying to design electric aviation vehicles.
In July 2021, Marc Lore and baseball player Alex Rodriguez purchased the pro-basketball team Minnesota Timberwolves.
