Tom Gores (Tewfiq Georgious) was born on the 31st July 1964, in Nazareth, Israel. He is now an American business person and investor, best known as the founder of Platinum Equity, a private equity firm that is based in Beverly Hills. Gores and his company are the owners of the NBA franchise Detroit Pistons, acquired in 2011. Thanks to his business skills and smart investments, Gore’s net worth continues to significantly increase. His career has been active since the 1980s.
Have you ever wondered how rich Tom Gore is, as of mid-2016? According to authoritative sources, it has been estimated that Gores’ net worth is as high as $3.7 billion, which has been acquired through his successful career as a businessman, however, also being the chairperson of a popular NBA team has additionally generated more money into his bank account.
Tom Gores Net Worth $3.7 Billion
Tewfiq Georgious was born in Nazareth to a Greek father and Lebanese mother; they moved to Genesee, Michigan when Tom was four, where Gores went to Genesee High School, excelling in sports playing middle infielder in baseball, a guard in basketball, and defensive back in football. As an excellent student, he received a scholarship to go to Michigan State University, from where he graduated in 1986, earning a BSc in construction management. After college, Tom worked at Continental Telephone, but it didn’t last for long; his brother Alec was already in the buyout business, and he taught Tom about it in his early twenties.
Gores’ experience in acquisitions, technological expertise, and operational knowledge helped him to found Platinum Equity LLC in 1995, and his wealth began to grow soon after. The firm expanded its investment criteria to acquisitions from private sellers, and public-to-private transactions. The company developed from its foundation and has acquired more than 130 companies in industries that include manufacturing, industrials, technology and IT services, distribution, equipment rentals, and transportation and logistics.
In 2011, Forbes estimated Gores as the 159th-richest American with a wealth of $2.5 billion. The same year, Tom and his company bought Palace Sports and Entertainment from Karen Davidson, and became only the third owner of the Detroit Pistons franchise in its history. Gores took the opportunity and acquired the team along with The Palace of Auburn Hills for $325 million, which was considered lower than its valuation. Tom changed things quite bit in Detroit, and committed to the Community of Detroit with several programs including Seats for Soldiers that allows free tickets for US forces members and their families. He also launched the Come Together program which celebrates community service, leadership, and volunteering in Michigan.
When it comes to speak about his personal life, Tom Gores resides in Beverly Hills, Los Angeles with his wife Holly who he married in 1995, and their three children. He also owns a condo in Birmingham, Michigan. Gores is of Roman Catholic religion. Tom Gores is a well-known philanthropist; he donated $250,000 to his former Genesee High School in 2012 with the help of his brother Alec. Most recently, Tom is working to raise $10 million for the city of Flint, Michigan, to combat the lead crisis, which he initiated in January 2016.
