Joe Lacob is an American business executive who is famous for being a majority owner of the Golden State Warriors of the National Basketball Association (NBA). But while Lacob’s wealth is well established, not much is known about how he succeeded in acquiring such financial profit. This leads to the question: How did Joe Lacob make his money?
Joe Lacob has been a partner at American venture capital investment firm Kleiner Perkins since 1987. He is also a majority owner of the NBA’s Golden State Warriors basketball team. In recent years, Lacob has expanded his investments to include energy and privately-held companies.
Read more about Lacob’s career in venture capital investing, how he managed to help purchase the Golden State Warriors, and his most recent investments in private energy companies.
A long investing career
Joe Lacob was born on January 10th, 1956, into a Jewish family in Massachusetts.
After relocating to California with his family, Lacob went on to obtain his bachelor degree from the University of California, Irvine, and later on his master from the University of California, Los Angeles. Following his interest in business, he then also completed an MBA at Stanford Business School.
After graduating from Stanford, Lacob started working in management consulting as well as biotechnology.
He then began working for venture capital investment firm Kleiner Perkins, where he subsequently became a partner in 1987.
At Kleiner Perkins, his investments have centered around more than fifty firms involved in life sciences and medical technology, which includes therapeutic and diagnostic medical device companies.
Lacob is also an active investing partner in Kleiner Perkins’ internet company initiative; he led the firm’s investment in AutoTrader and Sportsline.
Being a partner at Kleiner Perkins is where Lacob accumulated some of his early wealth. He however then succeeded in significantly expanding and using this wealth for further, and much bigger investments.
Off the back of his career at Kleiner Perkins, Lacob invested in the American Basketball League, a professional women’s baskett association, as well as the Boston Celtics.
Based on this, he then monumentally lead a group of investors to buy the Golden State Warriors of the NBA for $450 million in 2010.
With the massive and one of a kind purchase, Lacob became co-executive chairman and CEO of the Golden State Warriors ownership group, giving him substantial decision making power over the team and solidifying his position as a wealthy and successful businessman.
Under Lacob’s holdership, the value of the team has increased almost tenfold, with Forbes estimating that Lacob’s 25% stake in the team is worth nearly $900 million today.
Under Lacob, the Warriors have also enjoyed a successful run: They have won three titles since and posted the best record in NBA history during the 2015-16 season with 73 wins.
With that, Lacob is considered a billionaire today, and his wealth is estimated to be around $1.2 billion. The Californian also features on Forbes’ billionaires list.
While he is no longer with Kleiner Perkins, Lacob is still a keen investor. Most recently, he has turned his attention to private energy investments in the fields of Greentech and alternative energy. Investments for example include Terralliance, an efficient oil and gas exploration.
Lacob is also actively involved in industry organizations including the American Heart Association, the AHA Roundtable.
He also maintains a close relationship to his alma mater, Stanford University, where he serves on advisory boards at the Medical Center, Business School and Athletic Department.
The wide portfolio of Lacob investments ranges from medical technology to basketball, and all of them seem to be very profitable. This now only leaves us to wonder what the billionaire will successfully invest in next.