Tom Gores Net Worth 2024: Know His Age, Height, and Wife
A major player in both the business and sports industries, Tom Gores has left an indelible mark via his ownership of the Detroit Pistons and other commercial pursuits. A lot of people are curious in this billionaire’s wealth as we approach 2024. It’s a reflection of his success in the private equity sector and beyond. This article will examine Tom Gores’s financial situation in depth, going over his money sources, investing techniques, and predicted net worth increase by 2024.
What is Tom Gores’s Age?
In Nazareth, Israel, Tom came into this world on July 31, 1964. He came from a Catholic family and was the fifth of six children. His mother had Lebanese origin and his father had Greek background. Going back to when he was five years old, Gores’ family left Israel for the little town of Genesee in Michigan. He began his working life in Genesee, where he helped out at his uncle’s grocery store.
In addition to football, baseball, and basketball, Tom was a standout athlete at Genesee High School. Gores attended Michigan State University after finishing high school. He put himself through college by working as a janitor and telemarketer. After finishing his undergraduate degree in 1986, Tom became a certified construction manager.
Career
Gores co-founded Ventech, a lumber-logistics software company, after finishing college. Tom and his wife relocated to Los Angeles in 1989 to oversee the firm’s activities on the West Coast. After six years, Gores started Platinum Equity out of his house and started cold phoning companies to see if they were selling any divisions. Tom landed his first contract with the defunct company Litigation Services, Inc., which made CGI versions of vehicle accidents to use as evidence in court. After purchasing the company for $200,000, Gores earned a profit within six months.
Tom oversaw 32 major acquisitions from 1996 to 2001. Among these were Rascal, Williams Communications, and Pilot Software. Platinum Equity held shares in Motorola, Fujitsu, and Alcatel in 2002, the same year that Gores was named to Forbes’ 400 wealthiest Americans list. After purchasing PNA Steel in 2006, Platinum Equity made $512 million after selling the company to Reliance Steel & Aluminum Co. in 2008. Tom spent $30 million in 2009 to acquire The San Diego Union-Tribune, which he subsequently sold for $110 million in 2011. Gores had closed more than a hundred agreements using Platinum Equity by the year’s end.
Former home of the Detroit Pistons and Platinum Equity, The Palace of Auburn Hills, was bought out in 2011 by Tom. They were sold to him for $325 million, a price that was deemed a “shocking bargain.” Upon taking office, Gores promptly authorized a $10 million restoration of the arena and launched a program named “Seats for Soldiers,” which offered free tickets to events for families and members of the United States military. Additionally, he instituted the “Come Together” initiative to honor Michiganders for their leadership, volunteerism, and community service.
Tom became the sole owner of the Pistons franchise in 2015 after buying out Platinum Equity’s stake. Gores struck an agreement with the owners of the Detroit Red Wings in 2016 to share the new Little Caesars Arena in downtown Detroit with the Pistons. With a gain of $775 million when Tom acquired them in 2011, the Pistons were valued at $1.1 billion in 2018. As a key element of the Detroit Pistons’ support system, Gores is well-known for his relationships with team players and fans.
Tom Gores Personal Life
Tom Gores’s wife, Holly, is his spouse. They started dating in the ’80s and tied the knot in 1995. Charles, Catherine, and Amanda are their three children.
Tom Gores Net Worth
An American businessman by the name of om Gores, he is worth $6 billion. One of the main ways Gores amassed his wealth is through his role as founder, chairman, and chief executive officer of Platinum Equity, a Beverly Hills, California-based worldwide private equity business that he established in 1995. The Detroit Pistons of the National Basketball Association were acquired by Tom Gores and Platinum Equity on June 1, 2011. Gores acquired full ownership in 2015 when he purchased Platinum’s portion. Gores is well-known for his relationships with the Detroit Pistons players and supporters, and he is a regular donor to several humanitarian and philanthropic organizations.
Tom Gores Height and Weight
Mr. Gore stands at a height of 180 centimeters. Gores weighs 78 kg.