How Much is Daymond John Worth?
Daymond John, 53, is an American businessman, fashion designer, investor, author and reality TV personality who created and was the former CEO of the fashion brand FUBU, is the founder and CEO of the investment group The Shark Group and is known as “The People’s Shark” on the award-winning ABC hit series “Shark Tank.”
See: How Rich Is Barbara Corcoran?
Find: 4 Best Investments Made by Mark Cuban
Daymond John is Worth $350 Million
John has an impressive net worth from FUBU, investment deals, book sales and speaking engagements; he has a net worth of $350 million, according to Celebrity Net Worth.
How Daymond John Made His Money
While only twenty years old, John began his fashion empire by sewing knit caps with a fashion line and selling them on Jamaica Avenue in Queens, New York for $10 a piece, thus FUBU, which stands for “For Us By Us” was born. The company itself was bringing in more than $350 million in sales within a decade of its founding.
It was sold to the athletic shoe brand Puma in 2018 for $200 million and has made more than $6 billion over the years.
From there, John became a name as a powerful investor. In 2009, he was brought on to participate in ‘Shark Tank.” He has invested $8,567,000 in the 100 episodes he has appeared on during the run of the show. Some of his most successful deals include Bubba’s Q, Sun Staches and Mo’s Bows.
He developed a course that helps fledgling entrepreneurs turn their dreams into reality called Daymond John’s Success Formula in 2015. In recent years, he turned it into a virtual online course that is referred to as “Daymond on Demand.”
John has published two books: “Display of Power, The Brand Within,” and “The Power of Broke, and Rise & Grind: Outperform, Outwork, and Outhustle Your Way to a More Successful and Rewarding Life.”
He has received numerous awards and honors. He served as an ambassador to entrepreneurs from underserved communities in 2015. He has also received an NAACP Image Award. The brand he created has its own space in the Smithsonian National Museum of African-American History and Culture.
Early Life and Career
Daymond Garfield John was born to Margot and Garfield John in Brooklyn, New York on February 23, 1969. He grew up in Queens where his mother taught him how to sew — the same skill he later used to build his business.
After his parents divorced when he was 10 years old, he began working odd jobs. While in high school, he was able to work full-time without jeopardizing his education. Upon graduation, he worked at a popular seafood chain restaurant and began his first business of a van service for commuters.
In his very early twenties, he officially started FUBU out of his mother’s home. Her belief in him was so strong, that she mortgaged her home to get him $100,000 for startup costs. He and his friend and neighbor, Carlton Brown started making hats. Their vision grew to include a couple of friends to help them design and sell t-shirts, jerseys and other casual wear brandishing the word FUBU.
They offered freebies to rappers and other influencers and became a recognizable urban brand name by the early 1990s. They were unable to get a loan to help with production, so his mom took out an additional loan to fund the cost of making the orders. After placing an ad in the New York Times that read “$1 million in sales. Need financing,” he received a lucrative contract with Samsung. The ask: sell $5 million of clothes over three years. The company sold $30 million worth of product in three months. In 1998 alone, it brought in over $350 million in revenue.
John is the father of three daughters — two from his first marriage, and a third with his second wife, Heather Taras whom he wed in 2018.
See: 5 ‘Shark Tank’ Fails That Cost Big Money
Find: Million-Dollar Businesses That Turned Down ‘Shark Tank’ Deals
Daymond John can be seen on the next season of “Shark Tank.”
More From GOBankingRates
This article originally appeared on GOBankingRates.com: How Much is Daymond John Worth?
