Michael Fux Net Worth: How Rich is the Businessman in 2024?

Michael Fux is a Cuban-born American businessman and philanthropist. Also known as ‘the Mattress King’, Fux is best known for his customized collection of high-end luxury and exotic cars. As of 2024, Michael Fux net worth is approximately around $400 million.

Early Life

Michael Fux was born in May 1943 in Cuba. He, alongside his family, moved to U. S. from Cuba in 1958. At that time, he was 15 years old. Fux and his family were not financially strong and had a bad experience earlier. He along with his brother, and parents used to live in a one-bedroom apartment based in Newark, New Jersey. Fux shared that he had only a pair of shoes, and had Salvation Army furniture in his room.

Michael Fux Net Worth & Career

 

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As he wanted to change his life, he founded a two-car garage for rent. Fortunately, he got tire breakers without a cost from a company that transformed them into automatic ones. Fux also offered them to take used batteries and tires in exchange for bigger outfits. Similarly, he used to recharge batteries or scrap them for lead.

However, he learned all these things by himself connecting with people and asking questions. By the time he reached 20, he had purchased and sold out several small ventures. Fux’s curiosity about learning more about business led him to take a job at Sears, where he sold automotive supplies. Later, he was promoted to a manager.

Fux excelled in his management skills while working as a manager. He used to manage and handle a series of other department stores as well. When he reached 30, he became a vice president of the Hecht Co., which was located in Washington, D.C. Even though he was progressing in his career, he was not satisfied and started looking for new challenges.

Fux eventually became a manufacturer’s representative as he wanted to see what vendors do with their fancy cars. Meanwhile, he was introduced to the textile industry when he worked as a sales manager for the Japanese wholesale linen co. By that time, he had cracked what he wanted to do and had an idea of the snuggle bag.

Fux eventually began a trend of zippered blankets that cover the entire body. Surprisingly, he was able to generate $72 million in sales at the end of the first year. Fux ran the business for three years before it went into bankruptcy. It was his first real business failure, and had learned an important lesson about not giving up.

After he was bankrupt, he drove back into retail. Fux then started working at the Broadway Department Store as a carpet buyer in LA. During that time, he came up with the industry’s deferred billing plan. Even though his proposal sounded crazy, he was able to convince suppliers, and his manager to offer 6 months deferred billing on carpeting. After some time, he founded MFA Marketing and started importing rugs along with other products.

Fux would order colorized dhurries, placemats, and shower curtains from India, and would place an order on 10 a day-term condition giving them half. He made half a million dollars in profit on his first order. After that, Fux joined hands with BioClinic, who was looking for someone who could help them enter the consumer market. With his help, the company made almost $80 million in business.

In 1996, Fux founded Sleep Innovations and started producing visco-elastic foam toppers, pillows, and mattresses. He ran the business for nearly a decade and sold it for a handsome profit in 2005. Fux revealed that he started the business with $3000, and closed to $300 million in sales. In 2011, Fux founded Comfort Revolution which produces toppers, pillows, and mattresses.

Besides his roller-coaster professional journey, he is known for his high-end car collections. He often describes himself as a car freak. As of now, he owns 129 vehicles including 15 Rolls-Royce, 11 Aston Martin, 12 Porches, and 25 Ferraris.

Personal Life

Michael Fux is a married man and has five grown kids and 12 grandchildren. On August 23, 2017, he shared a video on Instagram congratulating his grandson, @oddyfox for hitting 10K. Fux wrote, that his grandson is only 1 ½, and he has his dance moves. Fux is also very active in philanthropic activities. He has been contributing to underprivileged and ill children through the Michael Fux Family Center, and The Michael Fux Foundation.

Michael Fux Net Worth

As of 2024, Michael Fux’s total net worth is around $400 million. He is considered to be the first person in the US to have the $420,000 Rolls-Royce EV. In January 2019, Fux put 25 of his cars to be sold in an auction at the Mecum auto action in Florida. The auction included a 2014 LaFerrari, and 2016 LaFerrari Aperta, worth more than $4 million.