The show, Shark Tank, has consistently remained one of the most entertaining and educative shows on television since its debut and it has featured several wealthy personalities who have come on the show to share their investment knowledge and strategies. Lori Greiner is one of them, and even though she is not the richest person on the show, she has amassed an admirable net worth of $50 million.
Lori Greiner has been a member of Shark Tank since 2012 and in this article, we took a look at how she achieved her net worth, exploring the investments that made her wealthy. Check it out, below.
How Lori Greiner Achieved her Net Worth
As a public personality, Lori Greiner is known for her role as one of the investors on Shark Tank, a role she has been playing since she joined the show in 2012. As a businesswoman, she has a net worth of over $50 million.
Lori was born in December 9, 1969 in Chicago, Illinois and despite a qualification for a career in the media industry having graduated with a bachelor’s degree from Loyola University Chicago and a short stint working as a playwright and for the Chicago Tribune, she has forged her wealth through a string of investments in jewelry and other businesses.
Jewelry Designing and Inventions
Lori Greiner’s road to success began in 1996 when she designed and patented a plastic earring organizer. The product was picked up by the mega department store chain, J.C Penny, proving to be a popular product for women.
Using the return from the sale of the product, Lori Greiner was able to amass a considerable amount of money, with $300,000 of it going towards paying off the loan she used in starting the business. The business reportedly made a total of $1 million in revenue in its first year.
Using what is left of the proceeds of her first success, Lori Greiner expanded her net worth by expanding her consumer product inventions and patents to other categories like electronics, travel, household items, cosmetic organization. So far, she has over 120 patents to her name, all of which have been turned into incredibly successful consumer products, with over 700 products under her name.
Before she became a popular name on Shark Tank, through which her net worth has further increased, Lori Greiner had a career on the TV shopping platform, QVC. She joined QVC in 2000 following the success of her products in J.C. Penny and other stores like Home Shopping Network and Bed, Bath and Beyond.
She began promoting her products on QVC via her show, Clever & Unique Creations, which has been one of the long-running shows on the network, earning her the title, The Queen of QVC.
Lori Greiner reportedly earns seven figures in salary for the show, which has undoubtedly contributed to her significant net worth.
Shark Tank and Investing
Lori Greiner became a Shark in 2012, and she has remained one to date. Through the show, she earns significantly in yearly salary, which, combined with her QVC role, totals an estimated $5 million in salary per year.
She has also made a number of investments on the show, with some of them going on to become highly successful and making her incredibly wealthy.
One of her most successful investments via the show is Scrub Daddy, a texture changing household sponge company which she bought a 20% stake in for $200,000. Since then, the company has grown to exemplary heights, beginning from the subsequent day after the investment when it sold 42,000 sponges via her QVC show.
Today, Scrub Daddy is worth an estimated $170 million, with Lori Greiner’s share believed to be worth an estimated $34 million.
She has made investments in other businesses like Drop Stop, Bantam Bagels, Paint Brush Cover, Hold Your Haunches, FiberFIx, Simply Fit Board, Sleep Styler, and several others. Since she joined the show, she has invested over $10 million in deals on the show.
Another contributor to Lori Greiner’s net worth is her book, Sell it, Bank it! – Make Your Million Dollar Idea into a Reality. The book was released in March 2014 and it details her journey as an entrepreneur.
The book performed admirably commercially, becoming a top seller on Amazon among business books and becoming a national bestseller.