Marc Eric Loree is an American entrepreneur, businessman, investor and NBA owner.
Formerly the President & CEO of Walmart’s e-commerce division from 2016 to 2021, Lore has taken on a wealth of business ventures, earning the title of serial entrepreneur.
In 1993, Lore received a Bachelor of Arts in Business Management and Economics from Bucknell University, graduating cum laude.
The 50 year old served as the CEO and co-founder of Jet.com, an e-commerce website launched in 2014, which he sold to Walmart for $3.3 billion.
Prior to Jet, Lore was the CEO and co-founder of Quidsi, thee parent company of a family of websites including Diaper.com. Quidsi was sold in 2011 to Amazon for $545 million.
A City Of The Future
Following his resignation from Walmart, reports state that Lore’s next venture will be a multi-decade project to build ‘a city of the future’ named Telosa, derived from the ancient Greek word,, ‘highest purpose’.
Now he has appointed a world-famous architect, BIG, to design it and needs $40 billion in funding.
According to him, “I’m trying to create a new model for society, where wealth is created in a fair way. It’s not burdening the wealthy; it’s not increasing taxes. It is simply giving back to the citizens and the people the wealth that they helped create.”
He revealed that the city would feature indoor farming, energy-efficient buildings, autonomous electric cars, and high-speed transportation.
In addition to innovative designs, the project also promises transparent governance and what it calls a “new model for society.” The city would allow residents to “participate in the decision-making and budgeting process.” A community endowment will meanwhile offer residents shared ownership of the land.
Furthermore, Lore predicts that as the city grows, the land could be worth $1 trillion, and earn $50 billion annually from investments that would be used to ensure that every citizen no matter their income would have equal access to healthcare, good schools, parks, safe streets, and transportation. Lore calls it “equitism,” or a twist on capitalism.
Although a space for the new city is yet to be decided, it is likely to be built somewhere in the Appalachian Region, Arizona, Idaho, Nevada, Texas, or Utah.
Moreover, the first phase of construction, which would accommodate 50,000 residents across 1,500 acres, comes with an estimated cost of $25 billion. The whole project would be expected to exceed $400 billion, with the city reaching its target population of 5 million within 40 years.
Funding will come from “various sources,” project organizers said, including private investors, philanthropists, federal and state grants, and economic development subsidies.
Marc Loree is estimated to be worth $4 billion. In 2011, Lore was named regional Entrepreneur of the Year by Ernst & Young, one of the “Smartest People in Technology” by Fortune and dubbed the LeBron James of e-commerce by Matt Higgins.
After Jet.com’s acquisition in 2016, Lore made headlines as the highest paid executive in America.
