Have you ever wondered why the Beanie Babies had a heart-shaped tag with “TY” written on them? It's because of creator H. Ty Warner.
The iconic pellet-stuffed toys were designed by the toy manufacturer, who would go on to become a billionaire after the coveted collectables started a craze in the ‘90s.
His life story, more specifically his claim to fame after creating the Beanie Babies, was recently captured in the fictionalized dramedy “The Beanie Bubble,” released on Apple TV+ on July 21. Zach Galifianakis portrays Warner in the film.
“It was a crazy time. The Internet was new, the Boomers were taking over, but we turned Beanie Babies into little plush lotto tickets,” Elizabeth Banks’ character, Robbie, who plays Warner’s business partner and once girlfriend, says in the film. “At the peak of the bubble, more than half of the country owned one. Ty was the one with his name on the tag.” Banks told Entertainment Weekly that Roche is an “amalgamation” of Warner’s ex-girlfriend and business partner Patricia Roche.
Here's what to know about Warner's journey from rags to riches, by way of plushies.
How did Ty Warner get his start?
Ty Warner was born in Chicago, Illinois, to Georgia and Harold Warner in 1944.
The self-made billionaire is a drop out of Kalamazoo College, a private liberal arts school in Kalamazoo, Michigan, per Forbes.
Among his previous jobs include being a bellman, car valet and fruit market vendor. Warner then became a salesman, first selling encyclopedias before getting into the stuffed animal retail space at toymaker Dakin, the outlet reports.
How did Ty Warner become a billionaire?
Warner founded Ty Inc. in 1986 when he began making and selling life-sized, under-stuffed plush cats in an array of colors. By 1993, he debuted the small-sized, pellet-filled creations now known as the Beanie Babies at the World Toy Fair in New York City.
While “The Beanie Bubble” notes that some of the storyline is fictionalized, this history is shown at the beginning of the film.
“There are parts of the truth you just can’t make up. The rest, we did,” the movie states.
As the craze for Beanie Babies began, they became an Internet sensation and collectables (like the famous Princess Diana Beanie Baby), Warner's wealth began to surge. At the height of the Beanie craze, in 1999, Warner was on the Forbes list of the 400 richest Americans, per the Washington Post.
Warner and McDonald’s also teamed up in 1997 for a multi-million dollar deal to include the new Teenie Beanie Babies in their Happy Meals.
His wealth history went on an upward slope since the creation of the Beanie Babies. Despite the craze dying down in the 2000's, Warner used the profits from the toys to become owner of luxury hotels, including the Four Seasons in New York, per the New York Times, as well as the Las Ventanas al Paraiso resort in Mexico.
Ty Warner was charged with tax evasion
In 2013, Warner was charged with federal tax evasion for failing to report income earned in Switzerland-based banks, per NBC News. Warner started the accounts in 1996, as Beanie Babies sales went through the roof.
In 2014, he was convicted of tax evasion and paid a $53 million fine. He was also sentenced to two years probation for failing to report more than $24.4 million in income and evading almost $5.6 million in federal taxes from the money he hid, per the U.S. Attorney’s Office, Northern District of Illinois. He did not serve any jail time.
What is Ty Warner’s net worth?
As of August 2023, Warner’s net worth is $5.8 billion, per Forbes. He is #477 on the Billionaires list.
Warner has also used his billions to give back. Forbes adds that since 2015, Warner has donated $100 million in cash and toys to the Children’s Hunger Fund.
Where is Ty Warner now?
The now 78-year-old Warner currently resides in Oak Brook, Illinois, as is still the head of Ty Inc., according to Forbes. His marital status is single. He has never married or had kids. This is also noted at the end of “The Beanie Bubble,” along with his 2014 conviction.
For the most part, he remains out of the public eye.
What did he have to say about 'The Beanie Bubble'?
On July 28, Warner released a statement in response to the film about his history-making success of the Beanie Babies, emphasizing that the film is “partly fiction.”
“I applaud the filmmakers for capturing the unprecedented energy and excitement — though not the facts — surrounding the original release of Beanie Babies 30 years ago,” he said in a press release. “The movie is, by its own admission, partly fiction. But, like the filmmakers, I am in the business of dreams, and I admire their creative spirit.”
“To the fans and collectors of Beanie Babies who have been there for the last three decades, thank you for all the love you have shown,” he concluded.
Additionally, in honor of the toys' 30th anniversary, he announced that Ty Inc., would give away the Patti II Platypus Beanie Baby at U.S. theaters showing the film, while U.K. theaters would receive Peanut II, Squealer II or Snort II.
“We hope you like our new Beanie Baby collection. We’ve tried to capture all the magic again — 30 years later,” Warner said.