⬅ # 213 Carl Cook|# 215 Michael Rubin

# 214 Tom Gores 

$10.8B

Real Time Net Worth
as of 5/18/2024

# 214 Tom Gores 

$10.8B

Real Time Net Worth
as of 5/18/2024
OccupationFounder, Chair, and CEO of Platinum Equity
Source of WealthPrivate Equity
Age59
ResidenceBeverly Hills, California
Marital StatusMarried
Children3
EducationBS, Michigan State University
Age-Adjusted Net Worth$11.6B
Tom Gores
Tom Gores
United States
Net worth: $10.8B

Self-Made Score 

Wealth History

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Biography

Early Life and Education

Tom Gores was born in 1964 in Israel and moved to Michigan with his family at the age of four.
In his youth, he worked at his father's small grocery store in Flint, stocking shelves and gaining early exposure to business.

Career Beginnings

Tom Gores founded Platinum Equity in 1995, focusing on smaller businesses and emphasizing principles of empowerment, hard work, and integrity.
His commitment to delivering on promises led to the exponential growth of Platinum Equity, becoming one of the premiere private equity firms globally within four years.

Business Philosophies

Mr. Gores emphasizes swift and thorough diligence, sound acquisitions, effective management, and honest operational improvement over financial engineering.
The M&A&O® vision, combining traditional M&A with operational insight, reflects his innovative approach to business.

Platinum Equity Financial Milestones

In January 2020, Platinum Equity closed its largest fund to date, raising a higher-than-expected $10 billion from investors.

Detroit Pistons Ownership

In 2011, Gores and Platinum Equity purchased the NBA's Detroit Pistons.
By August 2015, he acquired Platinum's stake, securing 100% ownership of the team's equity.
Gores funded a $90 million headquarters and training center for the Pistons, which opened in September 2019.

Personal Life

Tom Gores resides primarily in Beverly Hills with his wife and children.
Outside his role as Chairman and CEO of Platinum Equity, he coaches youth soccer and basketball teams, applying the same principles of hard work and inspiration.

How long would it take you to become as rich as Tom Gores?

If you started with $10,000 and invested an additional $500 each month at a 44.10% CAGR, it would take you 5 years to reach Tom Gores's net worth of $10.8B.

Is this realistic? It depends how closely the VIX-TA-Macro Advanced model performs to its history in the future. Since Grizzly Bulls launched on January 1, 2022, it's returned 42.76% compared to 11.89% for the S&P 500 benchmark.

Enter data in all but one field below, then calculate the missing value

Tom Gores is very wealthy, but what's stopping you from reaching that same level of success? As summarized in our five fundamental rules to wealth building, becoming wealthy in a modern capitalist economy is not complicated. There's actually only three variables:

  1. Your starting capital
  2. Your earnings after expenses
  3. The compound annual growth rate (CAGR) of your savings

Most people start with zero or very little, so if you weren't born into wealth, don't fret! The majority of the fortunate folks listed in our Grizzly Bulls’ Billionaires Index came from middle class or lower backgrounds. The most distinguishing characteristic of the group is their ability to consistently earn a high CAGR on their savings.

Every billionaire has a unique strategy to achieve high CAGR. For Tom Gores, Private Equity is the primary source. Whether you choose to invest your savings in your own businesses or the businesses of others is not as important. The salient piece of the puzzle is ensuring that your hard-earned savings are generating sufficient CAGR to reach your long term goals.

Most people simply invest their money in index funds and call it a day. There's nothing wrong with this approach, but it guarantees relative mediocrity. To achieve greatness, you need to invest your money to earn higher than average returns. In the long run, better investors will always finish ahead of better earners.

Source: Grizzly Bulls reporting

Methodology: Grizzly Bulls' Billionaires Index is a daily ranking of the world's billionaires and richest people. Grizzly Bulls strives to provide the most accurate net worth calculations available. We pull data from public equity markets, SEC filings, public real estate records, and other reputable sources.

The index is dynamic and updates daily at the close of U.S. stock market trading based on changes in the markets, economy, and updates to Grizzly Bulls' proprietary algorithm of personal wealth calculation. Stakes in public companies are tracked daily based on the relevant closing prices of the underlying securities. Additionally, stakes in private companies, cash, real estate, and other less easily valued assets are updated periodically through careful analysis of insider transactions, comparable public company sales / EBITDA multiples, etc.

Edited by: Lee Bailey