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Daymond John is an entrepreneur and investor, who is best known for being one of the “Sharks” on ABC’s Shark Tank. He first found success as the founder of the popular clothing brand, FUBU. Despite humble beginnings and numerous challenges, John’s strategic insight and relentless determination allowed him to build a successful empire from the ground up. So, it poses the question of what is Daymond John’s net worth?
John’s wealth can largely be attributed to his lucrative investments and business ventures, which include millions invested in businesses featured on Shark Tank. His journey from waiting tables at Red Lobster to becoming an influential multi-millionaire is a testament to his talent. His success story serves as a source of inspiration for countless budding entrepreneurs looking to make their mark in the world. Read on for an in-depth look at John’s career.
Early Life
Daymond Garfield John was born on February 23, 1969, in Brooklyn, New York. His parents were Margot John and Garfield John. Daymond John grew up in the Hollis neighborhood in Queens. His parents divorced when he was 10 years old.
One of his earliest jobs was handing out flyers, earning $2 an hour. John participated in a work program during high school which allowed him to get a full-time job while studying. After graduating, John worked as a waiter in Red Lobster and then started a commuter van service.
Daymond John launched the clothing company called FUBU, which is an acronym for “For Us, By Us.” John started the company in his mother’s house in Queens when he was 20 years old. He merged his love for hip-hop and fashion, with FUBU geared toward young, male, urban consumers. John’s mother taught him how to sew and allowed him to take over the house so he could grow his business.
John’s mother supported his pursuit by mortgaging her house so they could raise the $100,000 capital needed to start. Even as he was launching his brand, John still worked full-time at Red Lobster to make ends meet. One of his first projects under his clothing company was knock-off wool ski hats. This was because he considered such hats that were popular at the time, overpriced at $20 a pop.
Since then, John made around 90 similar hats with the help of his next-door neighbor Carlton Brown. Brown would eventually become John’s future business partner. They sold the hats for $10 each, making $800 in a day. They soon went to do their next project, which was screen-printed shirts, which they sold during events in their area.
Career
Over time, Daymond John and Carlton Brown enlisted the help of their friends, J. Alexander Martin and Keith Perrin in their growing business. They started designing hockey jerseys, sweatshirts, and T-shirts with the FUBU logo. They even made use of their connections with rappers to wear their clothes in music videos in an effort to endorse the products. The brand’s product placement went up to more than 30 videos.
In 1993, another neighborhood friend of John’s, LL Cool J, wore a FUBU shirt for a promo campaign and a FUBU hat in a commercial for The Gap. The product placement boosted the brand’s popularity. At one point during the 1990s, John received $300,000 in orders and took out a second mortgage on his mother’s house to fulfill each one. 27 banks rejected their attempts for an additional loan, using the last of their money to advertise in the New York Times.
This promotion led to a deal with Samsung Textiles.
Six years after FUBU was founded, the brand was generating over $350 million a year in revenue. While the brand’s popularity has waned, FUBU earned over $6 billion in worldwide sales.
Shark Tank Investments
Daymond John is now more popularly known for being one of the judges in the series Shark Tank since 2009. On the show, John has invested over $8.5 million of his money on businesses. A 2016 report by Variety revealed that John and the other Shark Tank judges made around $50,000 per episode.
The most profitable company to ever appear on Shark Tank was Bombas, which John invested $200,000 in for 17.5% of the company. As of today, Bombas’ yearly revenue is unknown, but it’s estimated to be around $100 million, giving John more than 17.5 million over the years.
Another successful Shark Tank investment was Mission Belt. John invested $50,000 for 37.5% of the company, which led to more than $8.2 million in revenue in 2016.
Other Investments
In 2015, John founded and served as the CEO of the consulting and brand management firm The Shark Group. John also founded the entrepreneurial program Daymond John’s Success Formula in the same year. The program aims to teach budding entrepreneurs to grow their businesses from the ground up. By 2019, John changed the name to Next Level Success.
John’s program is partnered with the Network for Teaching Entrepreneurship. It awards a $1,500 scholarship to two aspiring entrepreneurs every year. He also runs an online training program for entrepreneurs called Daymond on Demand.
Through The Shark Group, John has made large investments. John is a stakeholder in companies including Appear Here and CAA-GBG, a global brand management joint venture. He has also partnered with the Annual London International Awards to create a limited content series focused on advertising and innovation.
Other Ventures
Aside from being an entrepreneur, Daymond John is also an author. John has published several books on business and finance: Display of Power, The Brand Within, The Power of Broke, Rise & Grind: Outperform, Outwork, and Outhustle Your Way to a More Successful and Rewarding Life, and Little Daymond Learns to Earn. His books were on the New York Times and the Wall Street Journal’s bestseller lists.
His book, The Power of Broke, received an NAACP Image Award for Outstanding Instructional Literary Work. FUBU is also featured in the Smithsonian’s National Museum of African-American History and Culture. John has also been a recipient of the NAACP Entrepreneur of the Year award, Ernst & Young’s New York Entrepreneur of the Year, and was a two-time Congressional Achievement Awardee for Entrepreneurship.
John has also ventured into other media forms like film. He executive produced the 2005 movie The Crow: Wicked Prayer. Shark Tank is a four-time Emmy winner for Outstanding Structured Reality Program in 2014, 2015, 2016, and 2017.
John is also a brand ambassador for Shopify. He is also a public speaker and in 2021, John signed a deal with Audible.
In 2015, John was appointed by US President Barack Obama to be an ambassador to promote underserved entrepreneurs.
Personal Life
Daymond John has been married twice. John has two children from his first marriage: Destiny and Yasmeen. In 2018, John married Heather Taras. They share a child together, a daughter named Minka Jagger.
John is also dyslexic. In April 2017, John was diagnosed with Stage 2 thyroid cancer and underwent surgery to remove the tumor.
Daymond John’s Net Worth Today
Today, Daymond John’s net worth is estimated at $350 million. While it’s nowhere near billionaire status like his fellow Shark Mark Cuban, the former FUBU CEO has amassed that much over the years. John’s net worth comes from his earnings from Shark Tank, as well as his book sales, the sale of Bombas, and from being the founder, former CEO, and president of FUBU.
