David Tepper was born in Pittsburgh, Pennsylvania on September 11, 1957. He earned his degree in Economics from the University of Pittsburgh in 1978. Tepper went on to earn his MBA at Carnegie Mellon University.
David Tepper started his career with Equibank as a credit and security analyst. After working with Equibank, Tepper moved over to Republic Steel as a financial analyst. David Tepper joined Keystone Mutual Funds where he worked on the high yield desk.
He landed a huge job as a credit analyst with Goldman Sachs in 1985. Tepper moved up to head trader in junk bonds. Unfortunately, after failing to become a partner at Goldman Sachs, David Tepper left to pursue his own business.
David Tepper co-founded Appaloosa Management L.P. with Goldman Sachs colleague Jack Walton. The company started with $57 million in capital and delivered 57% returns on its assets. This helped the fund grow to $300 million in 1994, $450 million in 1995, and $800 million in 1996. His assets grew to $20 billion in 2014.
Appaloosa's assets went down in 2019 to $14 billion and 70% of that total belongs to David Tepper. He's still active in the market but has taken a step back. Tepper moved from a big building scene to a small family office. Now that David Tepper has taken a step back from Appaloosa, what is his net worth?
What is David Tepper's net worth?
David Tepper made a major purchase when he bought the Carolina Panthers in 2018. Tepper paid $2.3 billion for the NFL franchise. He's also known as one of the top hedge fund manager in the United States.
As of April 4, 2021, David Tepper has a real time net worth of $14.5 billion. He gifted Carnegie Mellon University a $67 million donation to create a collaborative learning environment. The school went on to name their business school after Tepper.
He has made appearances on the following Forbes list throughout his career: The Richest Person In Every State 2015, The Highest-Earning Hedge Fund Managers in 2018, Forbes 400 in 2020, and the Billionaires list in 2021. Sources of wealth include hedge funds, the Carolina Panthers, and his self-made business.
David Tepper is 63 years old and currently resides in New Jersey. He's married and has three children. His net worth has steadily risen over the past three years and the future is bright as the owner of the Carolina Panthers.