Daymond John is the man behind the FUBU clothing brand and a famous Shark Tank judge. His business ventures have earned him an impressive net worth of $350 million. But how did he get to his current position from his humble beginnings?
| Full Name | Daymond John |
|---|---|
| Net Worth | $350 million |
| Date of Birth | February 23, 1969 |
| Place of Birth | Brooklyn, New York City, U.S. |
| Occupation | Businessman, Entrepreneur, TV Personality |
| Nationality | American |
We’ll explore the details of his meteoric rise as well as his other business ventures in this article.
Key highlights:
- Daymond John has a net worth of around $350 million, the majority of which is from his successful FUBU clothing brand.
- A big chunk of his wealth is from starring and investing in Shark Tank. His investment in the sock company Bombas grew to at least $17.5 million.
- His other business ventures include writing and founding several companies designed to help businesses and investors alike.
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Who is Daymond John?
Daymond John is the founder of the FUBU clothing brand (Source: Getty Images)
Born in February 1969 in Brooklyn, Daymond John is the founder and former CEO of the urban clothing brand FUBU, as well as a television host on the show “Shark Tank”. John also founded “The Shark Group”, a brand management and consulting firm designed to help new investors get their projects off the ground.
| Education | Bayside High School |
|---|---|
| Hobbies | Fishing, beekeeping |
| Height | 5 ft 7 in (170 cm) |
| Weight | 160 lbs (72 kg) |
| Zodiac Sign | Pisces |
But his success didn’t come overnight, and he started with humble beginnings. We’ll explore his rags-to-riches story in the next section.
Early life
Daymond John was born to Margot and Garfield John and grew up in Hollis, a neighborhood in Queens. His parents got divorced when he was 10 years old, which led to him getting a job handing out flyers to support the family, earning just $2 per hour.
In high school, he participated in a work program that allowed him to hold a full-time job while he got schoolwork done on an alternate schedule. After graduation, he worked as a waiter at Red Lobster, a job he would hold for the following few years.
Founding FUBU
FUBU has earned over $6 billion in revenue during its time
When John was 20 years old, he started a clothing company FUBU, which is an acronym that stands for “For Us By Us”. The company allowed him to blend his love for both hip-hop and fashion, and it was geared toward young, male, urban customers. His mother allowed him to run the business from their home, and the business soon took over the house.
To help her son, Daymond’s mother mortgaged her house to raise $100,000 of startup capital. While John was growing his business, he continued working at Red Lobster to make ends meet. His first breakthrough came when he sewed 90 ski hats with his future business partner, Carlton Brown. They sold the hats for $10 and made $800 in one day, which they reinvested into their next project, which was screen-printed T-shirts.
As he recalled in a CNN business interview, this was not an easy job by any means, and he had to dedicate most of his time to growing the business. “‘I would come home at night, sew shirts, wake up in the morning and deliver the shirts, then go back to Red Lobster, because I had to pay the bills, but I also wanted to chase this dream, so I had to give up every single thing for it.”
As the business grew more, John and Brown recruited two more friends to their business and designed and sold hockey jerseys, sweatshirts, and T-shirts with the FUBU logo. They loaned some clothing to local rappers in their music videos in the hopes boost brand recognition. In 1993, rapper and neighborhood friend LL Cool J wore their shirt for a promo campaign, instantly boosting their popularity. At one point, John received $300,000 in orders and had to take a second mortgage on his mother’s house to fulfill them.
6 years after founding FUBU, they were generating more than $350 million per year in revenue, and the FUBU brand has generated over $6 billion in sales to date. While the brand’s popularity has since waned, FUBU still left a big mark on the world of urban fashion.
What is Daymond John’s net worth in 2024?
According to financial reports, Daymond John’s net worth in 2024 is estimated to be around $350 million, the majority of which comes from FUBU, which made more than $350 million per year during its peak. This is obviously much higher than the average American net worth for his age, which is a further testament to his success.
Daymond is also known for his appearances on the TV series “Shark Tank”, starting in 2009. He invested over $8.5 million of his own money in businesses on the series, and his returns have far exceeded that initial investment. For example, his investment in the sock company Bombas is one of his most successful to date, turning $200,000 into approximately $17.5 million.
Additionally, John also penned many books about business and entrepreneurship. Not only that, he’s also a brand ambassador for Shopify and the co-founder of “The Shark Group”, a consulting and brand management firm. John is also a public speaker, and he signed a deal with Audible in 2021.
In 2015, he co-founded Daymond John’s success formula, which was renamed Next Level Success in 2019, and Daymond on Demand shortly after. This is a program designed to teach business owners and entrepreneurs how to start and grow their businesses.
Notably, unlike Grant Cardone and many others, there are no recorded real estate investments under John’s belt, so this is still an unexplored investment opportunity for him.
How did Daymond John build his wealth? A closer look
As mentioned earlier, John’s wealth is derived from a variety of sources, each contributing to his impressive financial portfolio. Let’s explore these income streams in more detail below.
Clothing brand FUBU
FUBU is John’s first and most successful business endeavor, founded in 1992. During its peak years, it brought in over $350 million in yearly revenue and $6 billion in total revenue. The brand has since waned in popularity but it still continues to bring in revenue, continuously boosting John’s net worth.
Shark Tank and investments
In 2009, John was offered a position as a judge in the popular show “Shark Tank”, a reality business TV show. Initially, he didn’t think the show would be watched by anyone and considered it a waste of his time.
“When I got the call it was a waste of my time. I was like, ‘This crappy show? Nobody will ever watch it. Who the hell is going to watch five business people talking?’” John told Business Insider. Nonetheless, he saw Shark Tank as an opportunity to diversify his brand and was pleasantly surprised when the show took off.
During the show’s runtime, invested in multiple companies that came to present their ideas on the show. One such investment was made into the sock company Bombas in 2014 when he invested $200,000 for a 17.5% stake in the company. In 2015, the company made $4.6 million in yearly revenue and $46.6 million the following year. By 2018, they were making over $100 million a year. The company’s current value is unknown as of 2024, but their sales likely haven’t diminished since then. At current estimates, this would make John’s 17.5% stake worth around $17.5 million today.
Additionally, John also gets paid around $50,000 per episode of “Shark Tank”, which amounts to around $17 million, since he appeared in the majority of the 342 episodes. That is a significant contributor to his overall net worth.
Other ventures
Besides FUBU and Shark Tank, John also wrote 5 books, detailing the growth of his FUBU brand and other businesses’ success stories among other things. Authors tend to make decent money from book royalties, so this is something we should consider when calculating John’s net worth.
John is the founder and CEO of The Shark Group, a brand management and consulting firm, offering clients a wide range of services that could help them grow their business.
John also offers online courses on how to grow your business via Daymond on Demand (formerly known as Daymond John’s success formula and Next Level Success). In addition, they offer a $1,500 scholarship to two students each year, in hopes of inspiring a new generation of entrepreneurs.
The bottom line
Daymond John’s net worth is $350 million in 2024, fueled by his clothing brand FUBU, his Shark Tank investments, and other ventures such as writing, The Shark Group, and Daymond on Demand. Daymond John will likely pursue other business ventures in the future which could result in an even higher net worth.
For another investor success story, see our article detailing the net worth of the investment mogul Cathie Wood.
The world of investing and entrepreneurship is full of ups and downs. Check out our article to see how Elon Musk’s net worth became the first person in history to lose $200 billion.
Source: https://coincodex.com/article/52617/daymond-john-net-worth/