David Rubenstein on the $1.7 Billion Orioles Bet and Missed Fortunes
“I didn’t take it seriously,” David Rubenstein admits, reflecting on the day he turned down a chance to fund Mark Zuckerberg’s $30,000 Facebook launch. The billionaire co-founder of Carlyle Group, fresh off his $1.7 billion purchase of the Baltimore Orioles, is now cataloging a career defined by massive wins and historic misses.
Rubenstein’s acquisition of the Orioles marks a shift in how the ultra-wealthy perceive professional sports. Once wary of the public scrutiny attached to ownership, billionaires now view franchises as both status symbols and viable financial assets. For Rubenstein, the motive was personal: he wanted to give back to his hometown of Baltimore through a civic-minded investment.
His track record, however, carries the weight of "what could have been." Beyond the Facebook snub, he recounts passing on Amazon at its inception. After Jeff Bezos offered the Carlyle team an early stake, they liquidated the position when the dot-com bubble burst, missing out on billions. He now views these errors as cautionary tales for the current AI craze. While he warns that many AI valuations are difficult to justify, he cautions against the instinct to panic-sell during market corrections. Citing Warren Buffett, he notes that only when the tide goes out will we see who has been swimming without a bathing suit.
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