Serial entrepreneur and tech billionaire Marc Lore doesn’t have time to spend hours reading books every day. The guy ends up trying to change the world.
“I always say that reading takes the time out of thinking,” Lore said on Yahoo Finance Live (video above).
Lore added that while reading can spark new thinking, delving too deeply into someone else’s perspective can lead to “tunnel vision,” making it difficult to see different sides of an argument.
Founder, Chairman and CEO of Wonder Group Marc Lore attends The Future of Everything presented by The Wall Street Journal at Spring Studios on May 17, 2022 in New York City. (Photo by Steven Ferdman/Getty Images
It’s hard to say that Lore’s approach doesn’t work.
Lore founded Quidsi in 2005, a company made famous by its domain name Diapers.com. Amazon bought Quidsi in 2010 for about $545 million, and Lore worked at Amazon until 2013. He then founded the delivery company Jet.com.
Walmart, the world’s largest retailer, acquired Lores Jet.com in 2016 for $3.3 billion in cash. Although some on Wall Street considered the purchase price high at the time, there’s no denying the impact Lore and Jet.com have had on Walmart since the closing of the transaction in September 2016.
Walmart shut down Jet.com in March 2020, and Lore left his post as Walmart’s US e-commerce head in early 2021.
Marc Lore’s Wonder startup has begun opening its first locations, such as the one shown here on New York City’s Upper West Side.
Now he’s on his latest project.
Lore is the driving force behind food delivery startup Wonder, where Yahoo Finance spent some time this week with the serial entrepreneur at a new location on the Upper West Side.
The fundamental premise of Wonder is to democratize good food. Lore plans to do this by licensing the menus of popular chefs like Bobby Flay and Michael Symon, preparing their iconic dishes at fixed locations and delivering them right to your doorstep.
After founding Wonder, Lore took over as CEO in late 2022 and immediately transitioned the startup from delivering gourmet food in trucks to opening physical locations. Lore thinks he could have thousands of these market-like kitchens across the country.
To date, Wonder has raised about $850 million in funding, and Lore told Yahoo Finance that he has “a few hundred more” eyeing “a few hundred more” for funding in the coming summer and fall.
Who needs books with this resume? No guy like Lore.
“If you want to innovate, you have to think freely,” Lore said. “It worked well, so I’m not fighting it.”
Jennifer Shanker is a producer at Yahoo Finance.
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