Dan Gilbert Rumors
Dan Gilbert, who runs multiple billion-dollar businesses including Quicken Loans & the Cleveland Cavaliers, started to notice something interesting in 2015: “The amount of interest and activity among my boys and their friends about sneakers was just crazy. Then I start asking other people that have teenage boys, and it’s almost 90-95 percent of the people that I asked said the same thing.” His response? Dan Gilbert teamed up with Josh Luber, Greg Schwartz, and Chris Kaufman to launch StockX, a premium sneaker and apparel resale company. Now, just six years later, business is booming.
Today, you’ll find everything from $5,000 Air Jordans to a $70,000 Louis Vuitton x Supreme Trunk on StockX. The result? StockX Revenue: 2019: $239 million 2020: $400 million Furthermore, the company has added celebrity investors like Mark Wahlberg, Scooter Braun, Kalie Kloss, Steve Aoki, Marc Benioff, Eminem, and more. The craziest part? StockX raised $275 million at a $2.8 billion valuation in 2020, meaning Dan Gilbert’s third business is now worth almost 2x the current Cleveland Cavaliers valuation.
The Cavs will be active this offseason. They will explore trade opportunities, using the No. 5 pick as bait. Sources say owner Dan Gilbert will allow the front office to take on future salary — if the move makes sense and the piece coming back significantly improves their chances either in the short or long term. But activity doesn’t always lead to action.
Obviously this seems like such a perfect outcome for the Cavaliers. According to league sources, team owner Dan Gilbert has made it clear to general manager Koby Altman and his staff that he wants the Cavaliers acting as a playoff threat next season. Adding Simmons to the mix would instantly do that. But, the thing is, Simmons isn’t going to come to Cleveland in any form of a trade. Sure, the base of Cleveland’s offer is impressive, and can get better if they add more to it, but if the Sixers really wanted to entertain a trade for Simmons, there are plenty of better offers out there.
But the Cavs want to compete in 2020-21. This is Year 3 of the rebuild, the season everyone in the organization, including owner Dan Gilbert, has been pointing toward in hopes of taking the next step. Andre Drummond’s arrival at the deadline accelerates the rebuild timeline. Bickerstaff is locked in as head coach. The Cavs are expecting internal improvements from the core of youngsters and many of their top rotational pieces will be back. If the Cavs are going to take that next step and at least get closer to the playoff picture, they will need Love, their best — and most important — player. Plus, what’s the point of dumping Love? What would the Cavs do with that extra salary space? In a weak free agent class, there’s no one to sign, so no rush to move on from Love — unless the Cavs get a quality offer that makes them a better team in the short and long term.