Forbes just released the Forbes 400 List of the richest people in the United States and there is a Conshy business owner on the list. Michael Rubin, owner of Kynetic down on Washington Street and the guy that needed the helipad, came in at No. 243 (tied with several people) on the list with 2.3 billion dollars.
Forbes’ profile states:
Michael Rubin started his first company, a ski-tuning shop, in his parent’s Lafayette, Pa. basement at age 12. He sold his Internet company, GSI Commerce, to eBay for $2.4 billion in 2010; personally got $150 million and was able to buy back, with cash and loans, majority of 3 GSI assets eBay didn’t want. Apparel retailer Fanatics, flash sales website Rue La La and Amazon Prime competitor ShopRunner are now all wrapped into his holding company, Kynetic. Fanatics, of which he has 72%, was recently valued at $3.1 billion in a venture round. He is a minority owner of basketball’s Philadelphia 76ers.
The Lafayette mentioned as his hometown is actually Lafayette Hill. Not mentioned is that he once had a skip shop in Conshohocken.
2.3 billion dollars can go a long way in Conshy!