David Tepper is an American billionaire investor and hedge fund manager. He recently purchased the Carolina Panthers of the NFL at a price tag of $2.275 billion. Tepper is rumored to have paid straight up cold hard cash. After the purchase per league rules, Tepper relinquished his minority stake (5%) of the Pittsburgh Steelers.
So, how much is Tepper worth?
Net Worth as of 2018: $11 billion
Wall Street has treated Tepper well during his life. He accumulated his $11 billion through multiple investments in companies like Yahoo, Pfizer, HP, Bank of America, oil refineries, and General Motors. Tepper also worked at Goldman Sachs and founded the company Appaloosa Management. He is considered one of the greatest hedge fund managers of this generation.
Tepper was born on September 11, 1957, in Pittsburgh, Pennsylvania. He was born into a Jewish family, his dad worked as an accountant and mother was an elementary school teacher. Tepper paid his way through college at the University of Pittsburgh by working at Frick Fine Arts Library. He received his bachelors of arts degree in finance.
After graduation, Tepper briefly worked for Equibank before returning back to school to achieve his Master of Science in Industrial Administration from Carnegie Mellon, which is the equivalent to an MBA.
BIG NEWS: David Tepper is expected to sign a deal to buy the Panthers and keep them in Carolina today. To officially make him the next owner, Tepper will have to be approved by at least 3/4 of the current owners at the NFL Owners Meeting next week. However, given that he’s already a 5% owner of the Steelers (which he’ll have to sell), you can assume that the vote will essentially be a formality. Also because of that stake, he has already been vetted and approved by the NFL so he won’t have to go through that process again (speeding up the sale). The Charlotte Observer is reporting that the sale price is $2.2B (all cash), which ties the Houston Rockets for the highest price paid for a professional sports team. Tepper is the founder and president of Miami based hedge fund Appaloosa Management and has an estimated net worth of $11B. ————————————————– #CarolinaPanthers #GoPanthers #Panthers #PantherNation #KeepPounding #NFL #DavidTepper
After graduating from Carnegie Mellon, Tepper accepted a position with Republic Steel of Ohio. In 1984, Keystone Mutual Funds poached Tepper from Republic Steel. Shortly after taking the position with Keystone Mutual, Goldman Sachs came calling. Tepper joined Goldman’s high yield group. He worked as a credit analyst for six months and then was promoted to head trader of the high yield group. Tepper’s primary responsibilities at Goldman Sachs dealt with bankruptcies and special situations. He worked the position at Goldman for eight years.
Tepper left Goldman Sachs in 1993 to open his fund management company, Appaloosa Management. The company focused on distressed debt, with investments in public equity and fixed income markets. Tepper and co-founder Jack Walton grew the company through the 1990’s mostly being known as a junk bond investment boutique. Appaloosa was able to navigate the economic downturn during the 2000’s and stay afloat relatively comfortable compared to other similar firms.
Tepper is known for “investing in the diciest of companies” which have yielded high returns on investment. In 2009, Tepper’s hedge-fund purchased distressed financial stocks, many coming Bank of America for the low price of $3 per share. The hedge-fund would eventually profit $7 billion from the distressed stocks a year later when the market recovered. Tepper would receive $4 billion of the $7 billion haul. For the 2009 year, Tepper was the top-earning hedge fund manager.
In 2011, Tepper was awarded the Institutional Hedge Fund Firm of the Year. Also in the same year, an ATM receipt from Tepper made quite the headlines. While in the Hamptons, Tepper withdrew $400 from an ATM. Tepper left without taking the printed receipt. The next person to use the ATM found the receipt that showed an account balance of $100 million.
In 2012, Tepper was ranked by Forbes as the top-ranked hedge fund earner and reached 166th on a list of wealthiest people in the world. Tepper has consistently found himself in the top-25 of hedge fund earners throughout the decade.
Tepper purchased the NFL franchise Carolina Panthers for $2.275 billion in cash. It set a record for the highest sale price for an NFL team.