Advertisement
Canada markets open in 7 hours 42 minutes
  • S&P/TSX

    21,656.05
    +13.18 (+0.06%)
     
  • S&P 500

    5,022.21
    -29.20 (-0.58%)
     
  • DOW

    37,753.31
    -45.66 (-0.12%)
     
  • CAD/USD

    0.7273
    +0.0009 (+0.12%)
     
  • CRUDE OIL

    82.85
    +0.16 (+0.19%)
     
  • Bitcoin CAD

    84,371.91
    -3,537.85 (-4.02%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • GOLD FUTURES

    2,389.30
    +0.90 (+0.04%)
     
  • RUSSELL 2000

    1,947.95
    -19.53 (-0.99%)
     
  • 10-Yr Bond

    4.5850
    -0.0740 (-1.59%)
     
  • NASDAQ futures

    17,738.00
    +79.50 (+0.45%)
     
  • VOLATILITY

    18.21
    -0.19 (-1.03%)
     
  • FTSE

    7,847.99
    +27.63 (+0.35%)
     
  • NIKKEI 225

    38,117.89
    +156.09 (+0.41%)
     
  • CAD/EUR

    0.6805
    +0.0003 (+0.04%)
     

Why tech billionaire Marc Lore isn’t big on reading books

Serial entrepreneur and tech billionaire Marc Lore doesn't have time to spend hours each day reading books. The guy is trying to change the world, after all.

“I always say that reading takes away time from thinking,” Lore said on Yahoo Finance Live (video above).

Lore added that although reading can trigger new thinking, going too deep into someone else’s point of view can lead to “tunnel vision,” making it difficult to see different sides of an argument.

NEW YORK, NEW YORK - MAY 17: 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
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 (Steven Ferdman via Getty Images)

It's hard to say that Lore's approach isn't working.

Lore founded Quidsi in 2005, a business 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 delivery outfit Jet.com.

ADVERTISEMENT

Walmart, the world's largest retailer, acquired Lore’s Jet.com in 2016 for $3.3 billion in cash. Although some on Wall Street viewed the purchase price as lofty at the time, there is no denying the impact Lore and Jet.com have had on Walmart since the deal closed in September 2016.

Walmart shut down Jet.com in March 2020, and Lore left his post as Walmart's U.S. e-commerce chief in early 2021.

Marc Lore's Wonder startup has started opening its first batch of locations, such as the one shown here in New York City's Upper West Side.
Marc Lore's Wonder startup has started opening its first batch of locations, such as the one shown here in New York City's Upper West Side.

Now he’s onto his latest venture.

Lore is the driving force behind the food delivery startup Wonder, which is where Yahoo Finance spent some time with the serial entrepreneur this week at a new Upper West Side location.

The basic premise for Wonder is to democratize good food. Lore plans to do that by licensing the menus of popular chefs such as Bobby Flay and Michael Symon, making their iconic dishes inside fixed locations, and delivering them right to your doorstep.

After founding Wonder, Lore took the CEO reins in late 2022 and instantly shifted the startup from delivering gourmet food in trucks to opening up physical locations. Lore thinks he could have thousands of these marketplace-like kitchens across the country.

So far, Wonder has raised about $850 million of capital, and Lore told Yahoo Finance he is eyeing a "couple hundred more" in funding this coming summer and fall.

Who needs books with this resume? Not a guy like Lore.

"If you want to innovate you have to be free-form thinking," Lore said. "It’s worked well, so I’m not fighting it."

Jennifer Shanker is a producer at Yahoo Finance.

Read the latest financial and business news from Yahoo Finance

Download the Yahoo Finance app for Apple or Android

Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, and YouTube