SUMMARY

Steve Tan, e-commerce veteran, joins Jeff Fargo remotely from Bangkok to detail his entrepreneurial journey from eBay to multimillion-dollar ventures and the acrimonious fallout with partner Luke Belmar over Capital Club, including lawsuits and personal betrayals.

STATEMENTS

Steve Tan began his e-commerce career in 2006 selling apparel on eBay as a broke college student, earning $10,000 monthly, which inspired him to drop out and pursue entrepreneurship full-time.
In 2008, Tan discovered Facebook ads, achieving his first six-figure months and becoming a prominent advertiser in the industry during that era.
Tan pursued the American dream by building hardware startups, but two consecutive failures in the mid-2010s left him bankrupt and back to zero in 2015.
In 2016, Tan rediscovered dropshipping with prior experience, hitting his first seven-figure month within 30 days and rebuilding cash flow rapidly.
Tan and his brother created the Ecom Elites Mastermind Facebook group, growing it to 100,000 organic members through word-of-mouth sharing of value.
Tan's team achieved a record $360,000 revenue day in 2017 or 2018, shocking the e-commerce community and inspiring others with proof of high-scale potential.
Tan launched InCart, a one-page checkout SaaS, which processed over $1 billion for merchants in under two years without marketing, leading to Shopify termination due to competition.
Tan shifted from DTC e-commerce to service businesses, owning a China-based fulfillment company handling 20,000-40,000 daily orders with 600 staff across multiple warehouses.
Tan's email marketing agency, with nearly 100 employees, has generated over $300 million in client revenue through comprehensive email strategies.
About a year ago, Tan focused full-time on Capital Club with his brother, aiming to build the world's largest entrepreneur network.
Luke Belmar first contacted Tan and his brother in June 2018, offering Instagram brand services to position Tan as an e-commerce authority.
Tan met Belmar in early 2019 at his Phuket mastermind, granting him a free scholarship due to Belmar's charisma and promises of branding value.
Tan values integrity, brotherhood, friendship, and kindness highly, having been betrayed by past partners, which Belmar exploited through love-bombing and name-dropping.
Belmar attended Tan's brother's private Singapore wedding as a guest, indicating deep trust built over years of apparent alignment.
Capital Club originated from a shared vision to create a massive entrepreneur community for impact, inspired by Tan's early struggles without mentors or online forums in 2006.
Tan noticed Capital Club's mission shifting as Belmar's fame grew, with ego replacing references to "Sensei Steve Tan" and prioritizing personal agenda.
A turning point came when Belmar launched side ventures like one-on-one masterminds, offering Capital Club only 10% despite agreements to house all under the holding company.
Tan invested over $415,000 initially into Capital Club via loans and equity, including $150,000 cash injection during early cash flow issues without paperwork.
Capital Club's October 2023 launch generated $2.2 million, followed by $4.2 million total in three months, but payment processor issues capped initial sales.
Belmar blamed Tan for launch glitches despite $500,000 in under an hour, forcing a $600,000 personal withdrawal while Tan's funds remained for company stability.
Exposure of Belmar's real name (Luke Ty) and past in May 2024 prompted Tan's deeper due diligence, revealing discrepancies between Belmar's public persona and private behavior.
Belmar developed competing Gem Hunters using Capital Club's IP, marketing, and personnel without disclosure, shortly after the 2023 launch.
Tan decided to exit a month after Belmar's exposure, citing toxicity, gaslighting, and funding personal brand with company money.
Negotiations for a $1.2 million buyout in late 2023 failed when Belmar sent one-sided terms, including bans on working with 250 industry names and creators under 40.
Belmar locked Tan out of admin access and softwares during buyout talks, claiming sabotage while dodging deal closure from January to June 2024.
Tan filed a lawsuit on September 11, 2024, against Belmar, his wife, and entities, alleging book manipulation and withheld funds, currently in service phase after evasion.
Belmar's verbal abuse toward family, including calling his brother a "loser" and wife a derogatory term, raised early red flags about his character.
The ordeal strengthened Tan's bond with his brother, turning a major quarrel into unbreakable trust, emphasizing family over financial losses.

IDEAS

Early e-commerce successes on platforms like eBay can inspire dropping out of college, but transitioning to ambitious startups requires more than hustle.
Hardware startups often fail due to inexperience, wiping out prior gains and forcing bankruptcy, yet dropshipping revivals highlight resilience opportunities.
Organic growth of massive Facebook groups through value-sharing demonstrates word-of-mouth power over paid marketing in niche communities.
Record-breaking single-day revenues in dropshipping challenge industry skepticism, proving scalability when backed by transparent proof.
SaaS tools disrupting giants like Shopify can lead to termination, underscoring the risks of rapid innovation in competitive ecosystems.
Scaling fulfillment operations in China with hundreds of staff reveals the operational complexity behind high-volume e-commerce support.
Email agencies generating hundreds of millions for clients show the untapped revenue potential in backend marketing services.
Charismatic newcomers can infiltrate high-caliber masterminds by promising branding value, but superficial metrics like followers hide bought influences.
Love-bombing and aligning with personal values can build deep trust, even inviting partners to family weddings, masking underlying manipulations.
Visions of global entrepreneur networks appeal to seasoned founders seeking impact beyond personal wealth, but execution demands aligned egos.
Ego inflation from viral fame shifts partnerships from collaborative to self-centered, eroding original missions.
Side ventures launched secretly using shared resources betray core agreements, prioritizing personal gain over collective growth.
Payment processor glitches during launches expose vulnerabilities in even billion-dollar CRMs, testing leadership under pressure.
Blaming partners for technical issues while withdrawing funds personally signals deeper character flaws and financial desperation.
Public exposures on social media force due diligence, revealing fabricated personas incompatible with private realities.
Competing businesses built on stolen IP and personnel highlight the dangers of unchecked access in trust-based entities.
One-sided buyout terms, like age-based creator bans, indicate fear of competition and intent to cripple ex-partners' futures.
Admin lockouts during negotiations demonstrate sneaky tactics to gain control, turning business deals into power struggles.
Verbal abuse toward family members early on foreshadows broader disrespect, challenging defenses of "mentorship" roles.
Claimed net worths mismatched with behaviors, like desperation for modest sums, undermine credibility in high-stakes partnerships.
Spiritual prayers during crises can coincide with unexpected reconciliations, though manipulations often resurface.
Delayed buyouts via excuses and blame-shifting reveal narcissistic patterns, prolonging toxic entanglements.
Lawsuits against evasive parties require persistence, but crossing ethical lines like book cooking accelerates legal action.
Preaching purity and God while embodying deceit triggers public callouts, exposing hypocritical public images.
Supporting figures against bullies garners industry backing, validating reputations built on authenticity over fame.
Painful betrayals in business mirror toxic relationships, teaching pattern recognition for narcissists.
Family bonds fortified by ordeals outweigh financial hits, creating unbreakable alliances from shared trauma.
Authenticity online and offline prevents impostor syndromes, fostering genuine communities amid digital facades.
Following misaligned influencers warps values, emphasizing the need for real-life integrity checks.

INSIGHTS

Betrayals in partnerships often stem from unvetted charisma, revealing that true alignment emerges only after prolonged collaboration.
Ego growth from fame can corrupt visions, transforming communal goals into personal empires without mutual accountability.
Early red flags like family mistreatment predict broader disrespect, as private behaviors inevitably leak into business dynamics.
Financial desperation contradicting claimed wealth exposes fabrications, urging due diligence beyond surface success stories.
Trust-based investments without safeguards leave founders vulnerable to lockouts, highlighting the need for formal structures from inception.
Launch technicalities test resilience; blaming others during crises indicates poor leadership unfit for scaling.
Spiritual reflections amid turmoil can clarify paths, but manipulative apologies often delay inevitable confrontations.
One-sided non-competes in buyouts signal intent to sabotage, underscoring power imbalances in unequal partnerships.
Public personas built on hypocrisy, like religious preaches amid deceit, erode trust faster than overt lies.
Industry support post-exposure validates clean reputations, proving authenticity outlasts viral hype.
Toxic dynamics mirror personal relationships, teaching that narcissism patterns demand swift exits to preserve mental health.
Family quarrels from stress can evolve into deeper bonds, turning adversities into relational fortresses.
Legal pursuits against evaders require endurance, but ethical breaches like fund siphoning justify the toll.
Digital communities thrive on genuine value, not bought metrics, fostering sustainable growth over fleeting fame.
Painful lessons from failures build pattern recognition, preventing repeated traps in future ventures.
Harmony and collaboration should underpin entrepreneurship, countering ladder-climbing mentalities with authentic networks.
Impostor facades online risk isolation; vulnerability in sharing truths attracts true allies.

QUOTES

"When I started doing eBay I realized that I could make good money so during my eBay days I already started making around 10k months which is not a lot to be honest but it was a lot of money as a broke college student."
"Two failed startups actually destroyed everything that I've made across those years. So in 2015, I lost everything. I pretty much went bank all the way to zero bankrupt."
"We were able to luckily right and of course with the right resources and experience did our first seven figure month within the first 30 days of getting back into e-commerce."
"People were like, 'What the fuck?' Right? Like are these guys legit? Like how how could you possibly do $360,000 days back in those days."
"We were able to generate over a billion dollars for our merchants in less than two years, right? Those we grew so fast that we got terminated by Shopify."
"On average, we're doing about 20 to 40,000 daily orders right now. It's uh it's not a small operation. Uh we have about close to 600 people um on the team."
"Hey, Steve, like let's make you like the so and so of the e-commerce industry, right?"
"I have a extremely one of my uh one of the few highest values that I have in life is integrity, brotherhood, friendship and kindness."
"The vision was what sold us to create um Capital Club with Luke Belmar."
"As the fame and the views starts coming in we realize no more sensei Steve Tan right no more sensei it's like oh like it's all about him."
"You're lucky that you guys get 10%."
"Fuck, Steve, you're a great partner. Like, you know, like, you don't have you don't have paperwork and you're a [__] baller."
"I thought you had a $4 million house. He said, 'Oh, it's not it what I do with my finances is none of your problems.'"
"Why would I continue to fund his personal brand with the company's money, which is technically my money."
"Are you jealous? It seems like it. You're trying to eat off the plate that you have done nothing for."
"Ego is the enemy."
"I'll swear my life on this that 100% his net worth is [__] Right."
"Universe, please, you know, help me resolve this um this ordeal."
"Men of God operating like this. [__] you."
"Money comes and goes. You can always make more money, but family is family."

HABITS

Dropping out of college to pursue full-time entrepreneurship after initial eBay successes, prioritizing real-world application over formal education.
Actively sharing value in Facebook groups to build organic communities and credibility without paid promotion.
Injecting personal funds into businesses during cash flow crises without immediate paperwork, demonstrating unwavering partner support.
Attending high-level masterminds biannually in locations like Phuket to network with seven- and eight-figure entrepreneurs.
Love-bombing avoidance in communications, sticking to cultural norms like not frequently saying "love you" in texts.
Defending partners publicly against friends' warnings, giving benefit of the doubt to maintain relationships.
Reviewing content clips internally to fact-check alignment with company values and public statements.
Praying or appealing to the universe during personal crises for resolution and clarity.
Going on extended holidays, like three-week trips to China, to detox and gain perspective amid business stress.
Prioritizing family events, such as serving as best man and hosting after-parties at weddings.
Maintaining a chill, zen-focused lifestyle with biohacking, stem cells, and health emphasis over fame-chasing.
Building tight-knit circles with high-net-worth, grounded friends for honest feedback and support.
Staying authentic online and offline, avoiding impostor personas to foster genuine connections.
Focusing on service-oriented businesses post-DTC to ensure steady operations without direct consumer volatility.
Documenting conversations and screenshots for accountability in partnerships and disputes.

FACTS

eBay sales in 2006 allowed a college student to earn $10,000 monthly, significant for someone broke.
Two hardware startup failures by 2015 erased all prior earnings, leading to bankruptcy.
Dropshipping revival in 2016 yielded a seven-figure month in just 30 days.
Ecom Elites Mastermind grew to 100,000 organic members solely via word-of-mouth.
A single dropshipping day hit $360,000 revenue in 2017-2018, unprecedented at the time.
InCart SaaS processed $1 billion in merchant transactions in under two years before Shopify ban.
China fulfillment handles 20,000-40,000 orders daily with 600 staff across Shenzhen and Hjo warehouses.
Email agency generated over $300 million in client revenue with nearly 100 employees.
Capital Club Wyoming entity formed with initial $100,000 each from Tan brothers and Belmar.
Launch in October 2023 grossed $2.2 million, totaling $4.2 million in three months.
Tan invested $415,000+ total, including $3.1 million in media/infrastructure and $1 million payroll.
Belmar's exposure in May 2024 revealed real name as Luke Ty with detailed proofs.
Gem Hunters launched late 2023 as subscription for stock/crypto picks, using Capital Club resources.
Buyout negotiated at $1.2 million in trenches, but delayed from January to June 2024.
Lawsuit filed September 11, 2024, against Belmar, wife Lara, and entities in Wyoming court.
Belmar claimed $40 million net worth but sought $600,000 desperately post-launch.
Tan's Phuket masterminds require minimum seven-figure annual revenue for participants.
Over 250 industry names, including Iman Gadzhi and Grant Cardone, listed in non-compete terms.

REFERENCES

eBay (platform for initial apparel sales in 2006).
Facebook ads (discovered in 2008 for six-figure scaling).
Hardware startups (two failed ventures pre-2015).
Dropshipping (2016 comeback model).
Ecom Elites Mastermind (100,000-member Facebook group).
$360,000 revenue day (2017-2018 dropshipping achievement).
InCart (one-page checkout SaaS processing $1B+).
Shopify (terminated InCart for competition).
China fulfillment company (20-40K orders/day, 600 staff).
Email marketing agency ($300M+ client revenue).
Capital Club (entrepreneur network, Wyoming entity).
Instagram brand services (Belmar's initial 2018 offer).
Phuket mastermind (2019 event where Belmar attended as scholar).
Sentosa beach club after-party (post-wedding gathering).
Stripe (payment processor used for launch, personal relationship).
Billion-dollar CRM software (unnamed for launch issues).
Gem Hunters (Belmar's competing subscription community).
Twitter/X exposures (May 2024 on Belmar's past).
Inman Gadzhi (industry name in non-compete).
Grant Cardone and Gary Brecka (referenced fallout example).
Andrew Tate (competing figure overtaken in views).
Crazy Rich Asians (wedding comparison).
Mandarin saying on easy commanding without execution.
Grant Cardone (seen during reconciliation talk).

HOW TO APPLY

Start e-commerce on accessible platforms like eBay to test viability without large capital.
Experiment with emerging ads like Facebook in 2008 equivalents to scale quickly from six figures.
Diversify into hardware if chasing startups, but prepare for total loss by maintaining side cash flows.
Revive proven models like dropshipping post-failure, leveraging past experience for rapid seven-figure gains.
Build free Facebook groups by sharing genuine value to attract 100,000+ organic members organically.
Post transparent revenue proofs, like $360K days, to inspire and validate industry possibilities.
Develop niche SaaS tools addressing pain points, aiming for billion-dollar processing despite platform risks.
Shift to B2B services like fulfillment for stable 20-40K daily orders with scalable teams.
Vet potential partners via masterminds, granting scholarships only to those promising real value.
Protect core values like integrity by documenting love-bombing and early interactions for red flag tracking.
Launch communities on shared visions for impact, ensuring all side opportunities house under one entity.
Monitor ego shifts post-fame by tracking mission references and personal prioritization.
Inject loans during cash shortages without paperwork if trust is absolute, but cap at sustainable levels.
Prepare multiple payment backups for launches to handle international 3DS issues.
Conduct due diligence after public exposures, compiling clips to verify persona-reality alignment.
Object to competing ventures immediately, demanding resource separation per original agreements.
Negotiate buyouts with clear terms, avoiding handshakes until contracts eliminate one-sided bans.
Restore admin access during disputes to prevent sneaky lockouts, following basic business processes.
Pray or reflect spiritually during crises to invite resolution opportunities.
File lawsuits promptly upon ethical crosses like book manipulation, persisting through service evasion.

ONE-SENTENCE TAKEAWAY

Authentic partnerships built on shared vision thrive, but unchecked ego and deceit demand swift exits to preserve integrity and family bonds.

RECOMMENDATIONS

Prioritize formal agreements over trust alone when investing in new ventures to avoid lockout risks.
Screen partners through real-life interactions, watching family treatment as a character litmus test.
Diversify revenue streams into services post-DTC for operational stability and reduced volatility.
Share failures transparently in communities to build credibility and inspire resilience.
Limit personal loans to businesses without immediate equity safeguards to protect personal finances.
Fact-check public claims internally before scaling content to prevent misalignment exposures.
Exit toxic dynamics early, even mid-success, to safeguard mental health and family ties.
Build organic networks via value-sharing rather than paid hype for sustainable growth.
Use spiritual practices like prayer during business crises for perspective and unexpected breakthroughs.
Document all communications and financials meticulously for leverage in disputes.
Avoid fame-driven egos by focusing on impact over viral metrics in collaborations.
Strengthen sibling bonds through joint ventures, turning stresses into unbreakable alliances.
Call out hypocritical personas publicly when they misuse ethics like religion for manipulation.
Seek industry feedback during doubts to uncover hidden red flags from external views.
Negotiate buyouts with legal review to block predatory non-competes and bans.
Invest in biohacking and health post-trauma to maintain zen amid entrepreneurial chaos.
Foster authenticity online by mirroring offline behaviors to attract genuine supporters.
Persist in legal actions against evaders, prioritizing ethics over quick resolutions.

MEMO

Steve Tan, a Singapore-born e-commerce trailblazer now based in Bangkok, has navigated a rollercoaster of triumphs and treacheries that define modern entrepreneurship. From humble eBay hustles in 2006 as a cash-strapped student pulling in $10,000 monthly, Tan dropped out of college to chase the digital gold rush. His pivot to Facebook ads in 2008 unlocked six-figure windfalls, cementing his status as an early pioneer. Yet ambition led to hubris: two hardware startups cratered, bankrupting him by 2015. Undeterred, Tan staged a dropshipping renaissance in 2016, smashing seven-figure months and birthing the Ecom Elites Mastermind—a 100,000-member Facebook haven grown purely by word-of-mouth. Icons like the $360,000 revenue day became lore, while his InCart SaaS processed over $1 billion before Shopify axed it for rivalry.

Tan evolved beyond direct-to-consumer chaos, channeling expertise into backend empires. His China fulfillment juggernaut, with 600 staff across warehouses in Shenzhen and Hjo, churns 20,000 to 40,000 orders daily for global brands. Meanwhile, a Singapore-managed email agency, boasting nearly 100 employees, has funneled $300 million in revenue to clients. These service-oriented ventures provided stability, allowing Tan to chase legacy over lucre. Enter Luke Belmar, a charismatic upstart who slid into Tan's orbit in June 2018 via Instagram pitches, promising to brand him as e-commerce royalty. By early 2019, Belmar earned a free spot at Tan's elite Phuket mastermind, dazzling with smooth talk. Love-bombing and value alignment deepened ties—Belmar even guest-starred at Tan's brother's lavish Singapore wedding, a "Crazy Rich Asians" spectacle blending tradition with EDM after-parties.

Capital Club emerged from a noble spark: forging the world's largest entrepreneur network to mentor the next wave, echoing Tan's mentorless 2006 struggles. Tan poured in $415,000-plus, including interest-free loans during cash crunches, embodying his ethos of integrity and brotherhood. The October 2023 launch dazzled, netting $4.2 million in three months despite payment snags that Tan swiftly triaged via Stripe ties. But fame's venom crept in. Belmar's ego ballooned, sidelining "Sensei Steve" for solo spotlights. Red flags proliferated: secret launches like Gem Hunters, a knockoff investment club pilfering Capital Club's IP; a measly 10% cut from his masterminds; and $600,000 withdrawals amid Tan's reinvestments for longevity. Belmar's private vitriol—berating his brother as a "loser," his wife with slurs—clashed with his poised online sage, exposed in May 2024 Twitter takedowns revealing his alias, Luke Ty.

The fracture peaked in buyout talks. A handshaked $1.2 million deal—drastically cut for escape—unraveled into farce. Belmar's term sheet was a straitjacket: bans on 250 influencers like Iman Gadzhi and creators under 40, non-competes strangling Tan's expertise. Lockouts from admins and softwares ensued, with gaslighting accusations of jealousy. Delays stretched from January to June 2024, excuses piling as market woes masked greed. Tan's lawsuit, filed September 11, 2024, accuses book-cooking and fund hostage-taking by Belmar, his wife Lara, and affiliates—now in service after evasion antics. What began as a brotherhood soured into a mental maelstrom, mirroring Tan's past narcissistic ex. Yet silver linings gleamed: a bolstered Tan brothers' bond, forged in their fiercest quarrel, now unbreakable.

Amid the rubble, Tan preaches vigilance. "Ego is the enemy," he warns, urging partner vetting beyond charisma—probe family dynamics, align visions contractually. His Maldives recharge with loyal allies underscored authenticity's currency; industry cheers validated his pristine rep. As Belmar preaches divine purity online, Tan calls bluff, vowing to empower truth-seekers. Money ebbs, but family endures—the Tan trio, Avengers-like, emerges bulletproof. For founders, the moral: Build with eyes wide, exit with grace, and let betrayals refine, not ruin.

Watch less, read more with

Steve Tan EXCLUSIVE: The Truth About the Luke Belmar Fallout.