Walmart has agreed to buy Jet, Marc Lore’s Amazon competitor, for a whopping $3.3 billion—which is reportedly the highest anyone has paid to acquire an e-commerce startup in the U.S. But this isn’t the first time Lore has sold a company to a retail behemoth. In fact, Lore is quite the salesman:
• The first venture Lore started and sold was a sports card trading site called The Pit, which sports collectibles company Topps picked up for $5.7 million in 2001.
• Following the Pit acquisition, Lore joined Topps as chief operating officer of gaming subsidiary WizKids.
• In 2005, Lore created 1800Diapers, which later became Diapers.com and expanded to include Soap.com and other sites—all under the parent company Quidsi. The startup grew quickly and, unsurprisingly, caught the attention of Amazon overlord Jeff Bezos.
• Can’t beat ’em? Buy ’em. Lore was the CEO of Quidsi until the company was acquired by Amazon for $550 million in late 2010, after which he continued running Quidsi under the Amazon banner for two years.
• In 2014, Lore founded Jet and positioned it as a rival service for Amazon’s non-Prime customers; the site officially launched to the public last summer. One year later, Walmart is shelling out $3.3 billion to buy Jet.
• Once the Jet-Walmart deal goes through, Lore will assume a “senior leadership” role on Walmart’s e-commerce team, according to the WSJ.
We’re not sure what’s next for Lore, but it’s a sure bet that he’ll whip up another company PM