Tom Gores Biography – Platinum Equity Founder

It takes a strong work ethic and, for many, a lot of patience to become a millionaire. In today’s article, we will talk about Tom Gores, a successful and well-established American billionaire businessman.

Born Twefiq Georgious, he is the founder of Platinum Equity, a private equity firm based in Beverly Hills, California. Tom is also a philanthropist and Governor of the Detroit Pistons. As many business enthusiasts are fascinated to know more about his professional journey and personal life, we covered you with all the essential details.

His Mother Is His Greatest Inspiration

The business tycoon was born in Nazareth, Israel, on July 31, 1964. Talking about his family, Tom Gores’ father is of Greek descent, and his mother is of Lebanese descent. Moreover, the businessperson has often shared how his mom is his greatest inspiration. She always supported him and ensured he was trying and never giving up.

Gores and his family left Nazareth and settled in Genesee, Michigan, when he was around four. He grew up alongside five siblings. Additionally, his two brothers, Alec Gores and Sam Gores, are also actively involved in the business sector. Also, Alec is the founder of The Gores Group, whereas Sam is the chairman of Paradigm Talent Agency in Beverly Hills, California.

Furthermore, Tom completed his high schooling at Genesee High School and later attended Michigan State University and graduated in 1986. He holds a bachelor’s degree in construction management.

Also Read: Learn More About Gordon Gund’s Biography

Tom Gores Net Worth – $6 Billion

With an exceptional career as a businessman and investor, Tom has been able to amass a sizable amount of fortune. Tom Gores’ net worth is estimated to be around $6 billion. His income primarily comes from his company and various investments.

Early in his career, Gores actively invested in smaller enterprises, where organizations frequently relied only on their excellent reputation and ability for keeping their promises. He eventually founded Platinum Equity in his home in Sherman Oaks in 1995. Likewise, his first project was with Litigation Services, Inc. (LSI).

Moreover, the MSU graduate oversaw 32 acquisitions between 1996 and 2001, including Pilot Software, Racal, and Williams Communications. Later in 2002, he was first listed on the Forbes 400 list of the wealthiest Americans. Through his Los Angeles-based private equity company, Platinum Equity, Gores is in charge of more than 40 businesses with around $26 billion in assets.

Purchasing the Detroit Pistons

On June 1, 2011, Gores and Platinum purchased Palace Sports and Entertainment (PS&E), the parent company of the NBA’s Detroit Pistons. He acquired Platinum’s stakes in Pistons in August 2015, giving him full ownership of the team.

The NBA owner provided $90 million for the Pistons’ new headquarters and training facility which launched in September 2019. Also, Platinum closed on its largest fund in January 2020, raising more money from investors than anticipated ($10 billion).

Furthermore, Tom has also purchased several properties outside the world of sports, most frequently in the Los Angeles region, such as 301 North Carolwood Drive in Holmby Hills. Apart from business investments, he also supports numerous charitable and philanthropic organizations.

The Detroit Pistons owner was a member of the boards of directors at St. Joseph’s Hospital and the UCLA Medical Center, and he sat on the board of trustees for the Los Angeles County Museum of Art (LACMA) until 2020. In addition, Tom has donated toys to children in Detroit and Flint through the Toys for Tots program since 2009.

 

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As Gores shares a successful career as an entrepreneur and investor, he has collected a substantial fortune. He has also bought houses in Malibu, Beverly Hills, LA, with the latter costing him $100 million. It is all thanks to Tom Gores’ net worth of $6 billion.

Similarly, Ronald Burkle is another businessman who has invested in several properties.

Has A Supportive Wife

Tom not only has a very successful career, he also enjoys marital bliss with his spouse, Holly Gores. The couple first met at Michigan State University. Gores told his then-girlfriend he wanted to seek exciting career chances on the West Coast after they had been dating for nine months.

The billionaire asked her to accompany him but wasn’t expecting her to say yes. But instead, she agreed to his proposal, and the two of them piled into his black Cadillac to start a cross-country journey that would forever cement their relationship.

Furthermore, the duo married in 1995 and have been together ever since. Tom Gores’ wife, Holly, is also involved in philanthropy. For example, both donated $5 million to Children’s Hospital Los Angeles in 2016 to construct the Gores Family Allergy Center. Thus, the lovebirds gel up well, and their connection is still the same.

Proud Father Of Three Kids

The entrepreneur and his spouse have welcomed three kids Catherina Gores, Amanda Gores, and Charles Gores. Holly and Tom Gores’ daughter, Catherina, is their eldest and is already an experienced real estate investor. She purchased the Malibu Colony beach house for $17 million in 2021.

Tom Gores’ son, Charles, the youngest in the family, was diagnosed with severe food allergies when he was one. As such, he and his sisters have founded EpiPals to help raise awareness and provide medical resources to families suffering from allergies.

Nonetheless, the business tycoon and his family must be living a content life with each other. Tom has been involved in the business industry for many years and has no intention of slowing down. So let’s hope he continues to prosper financially and lead a happy life.

Trivia And Facts

• Tom Gores has 12.5K followers on his Instagram account.
• Gores is currently residing in Beverly Hills with his wife and children.

• Alec Gores Amanda Gores Businessperson Catherina Gores Celebrity Babies Celebrity Biography Celebrity Romance Charles Gores Genesee High School Gordon Gund Holly Gores Michigan State University Ronald Burkle Sam Gores Tom Gores Twefiq Georgious