Early Life
Daniel Bruce Gilbert was born on January 17, 1962, in Detroit, Michigan, to a Jewish family. His father owned a bar, and his grandfather managed a carwash. Gilbert attended Southfield-Lathrup High School and later obtained a Bachelor of Arts from Michigan State University and a Juris Doctor from Wayne State University Law School.
Rise to Success
Gilbert's entrepreneurial journey began in 1985 when he co-founded Rock Financial. The company embraced the internet in the late 1990s, becoming an early online direct mortgage lender. In 1999, Rock Financial was sold to Intuit for $532 million, and Gilbert bought it back in 2002 for $64 million. Under his leadership, Quicken Loans, now Rocket Mortgage, became the largest mortgage lender in the United States, originating $79 billion in mortgages in 2023. In August 2020, he took Rocket Companies public. In 2005, Gilbert diversified into sports by purchasing the NBA's Cleveland Cavaliers for $375 million.
Key Business Strategies
A key strategy for Gilbert was early adoption of online platforms in the mortgage industry. He focused on technology and customer experience to streamline the lending process. This approach allowed Quicken Loans, now Rocket Mortgage, to gain a significant market share. Gilbert's vision extended beyond traditional banking to create a tech-driven financial services company. He has also been involved in efforts to bring major sporting events to Cleveland, including the NBA All-Star Game and the NFL draft.
Philanthropy
Gilbert is a prominent philanthropist, particularly in Detroit. He and his wife Jennifer committed to donating half of their wealth to philanthropy through The Giving Pledge. The Gilbert Family Foundation has invested significantly in Detroit, including healthcare, education, and community development. In 2021, the Foundation and the Rocket Community Fund pledged to invest $500 million in the Detroit metropolitan area over ten years. Gilbert has also supported neurofibromatosis research and treatment, establishing clinics and donating over $95 million to related causes.