Dan Gilbert

Early life

Gilbert was born in Detroit, Michigan on January 17, 1962 and raised in Southfield, Michigan, where he attended Southfield-Lathrup High School. He earned his Bachelor’s degree from Michigan State University and later pursued a Juris Doctor degree from Wayne State University Law School and is a member of the State Bar of Michigan. During his college days, Gilbert also obtained a real estate license. While studying in law school, he worked part-time at his parents’ Century 21 real estate agency.

Gilbert attended Michigan State University, where he earned a Bachelor’s degree in accounting. After graduation, he worked for several years as a tax accountant before founding his first business, Rock Financial, in 1985.

Career

Rock Financial was founded in 1985 by Gilbert, along with Ron Berman, Lindsay Gross, and his younger brother, Gary Gilbert. In the late 1990s, the company implemented its internet strategy and became an early online direct mortgage lender. By the fourth quarter of 2017, the firm had become the largest retail mortgage lender in the United States by volume.

In 2000, software company Intuit Inc. bought Rock Financial and renamed the national web operation Quicken Loans. Two years later, Gilbert and a group of private investors acquired Quicken Loans and its affiliated national title company, Title Source, Inc., from Intuit. Gilbert continued to serve as the chairman of Quicken Loans Inc. as of 2021.

In 2007, Gilbert reached an agreement with the city of Detroit to relocate the company’s headquarters to downtown Detroit. By the end of 2010, all 3,600 employees based in Michigan had moved to the city’s urban core.

In August 2020, Quicken Loans went public under the name Rocket Companies and debuted on the New York Stock Exchange with the ticker symbol “RKT.” As of 2020, Gilbert remained the majority shareholder, controlling 79% of the company’s shares.

In addition to his work with Quicken Loans and Rocket Companies, Gilbert is also known for his investments in the city of Detroit. He is the founder and chairman of Rock Ventures, a company that has invested heavily in the city’s revitalization efforts. Gilbert has been credited with playing a key role in Detroit’s recent economic turnaround, helping to create jobs, attract new businesses, and spur development in the city.

Gilbert has received numerous awards and honors for his business achievements and philanthropic work. In 2013, he was named to Fortune’s “40 Under 40” list of young business leaders, and in 2015, he was named Ernst & Young’s Entrepreneur of the Year. He is also known for his philanthropy, having donated millions of dollars to various causes, including education and healthcare.

In September 2012, Gilbert and his wife Jennifer committed to donate half of their wealth to philanthropy throughout their lifetimes by joining The Giving Pledge.

Gilbert’s eldest son was diagnosed with neurofibromatosis. In response, Gilbert established two neurofibromatosis research clinics at the Children’s National Medical Center (CNMC) in Washington, D.C. and the Dana Children’s Hospital at the Sourasky Medical Center in Tel Aviv, Israel. Additionally, he serves on the boards of the Children’s Tumor Foundation, the Cleveland Clinic, and the Children’s Hospital Foundation, which is an affiliate of CNMC. He also acts as the vice-chairman of the nonprofit M-1 RAIL initiative dedicated to promoting light-rail transportation in downtown Detroit.

In 2015, Gilbert donated $750,000 to Chris Christie’s presidential candidacy.

In September 2016, Gilbert donated $5 million to Wayne State University Law School. In October of the same year, he also contributed $15 million towards the planned $50 million Breslin Center renovation project at Michigan State University.

To support COVID-19 relief efforts in the city of Detroit, Gilbert donated $1.2 million in 2020.

Sports:
In March 2005, Gilbert acquired the majority ownership of the Cleveland Cavaliers and initiated a complete revamp of the team’s front office, coaching staff, player personnel, and game presentation. During his leadership, the Cavaliers clinched six Central Division championships (in 2009, 2010, 2015, 2016, 2017, and 2018), five Eastern Conference championships (in 2007, 2015, 2016, 2017, and 2018), and one NBA championship (in 2016), which put an end to Cleveland’s 52-year sports drought.

In 2007, Gilbert acquired the Utah Grizzlies American Hockey League franchise, relocated it to Cleveland, and renamed it the Cleveland Monsters (previously known as the Lake Erie Monsters). In 2016, the Monsters won the Calder Cup, the top prize in the AHL, marking Gilbert’s second championship victory within eight days.

In 2011, Gilbert purchased the New Mexico Thunderbirds from the NBA Developmental League (now the G League), moved them to Canton, Ohio, renamed them the Canton Charge, and made them the Cavaliers’ affiliate. In 2022, the team relocated to Cleveland and was renamed the Cleveland Charge.

Net Worth

As of September 2021, Forbes estimated Dan Gilbert’s net worth to be $53.3 billion, making him one of the wealthiest people in the United States.

Achievement

Dan Gilbert has received numerous awards and recognitions for his business achievements and philanthropic work. Here are some of his notable accomplishments:

In 2015, Gilbert was named Ernst & Young's Entrepreneur of the Year.

In 2016, he was awarded the "Distinguished Citizen Award" by the Boy Scouts of America, Detroit Area Council, for his contributions to the community.

In 2017, Gilbert received the "Businessman of the Year" award from Crain's Detroit Business.

In 2019, he was named to Forbes' list of the world's billionaires, ranking #252.

In 2020, Gilbert received the "Humanitarian of the Year" award from the Michigan Jewish Sports Foundation for his philanthropic work.

In 2021, he was named to Forbes' list of the 400 richest Americans, ranking #17.

These are just a few examples of the many awards and honors that Dan Gilbert has received over the course of his career. He is widely recognized for his entrepreneurship, business acumen, and philanthropic efforts, and has been praised for his contributions to the revitalization of the city of Detroit.