David Tepper Net Worth: $7 Billion
David Tepper is an American self-made billionaire with an estimated net worth of $7 billion. His wealth is generated from hedge funds and the stock market. He is the founder and the manager of Appaloosa Management, a company that focuses on distressed debts and companies. On 25th September, 2009, Tepper bought a 5 percent stake in the Pittsburgh Steelers. This self-made billionaire also serves as a member of the Business Board of Advisors for the School of Business at Carnegie Mellon. He also serves on a number of committees and boards for community and charitable organizations in New Jersey and New York.
Tepper was born on 11th September, 1957 in Pittsburg, Pennsylvania to a Jewish family. He joined Peabody High School, and later on joined the University of Pittsburgh. He worked at the Frick Fine Arts library in order for him to pay his way through school. He received a Bachelor of Arts degree in economics after graduating with honors. Soon after graduating, he immersed himself into the finance industry, working as a credit analyst in the treasury department for Equibank. Discontented with his position, he decided to enroll at Carnegie Mellon University’s business school in 1980 to pursue its version of an MBA at the time.
In 1982, Tepper earned his MBA, after which he accepted a position in the treasury department of Republic Steel in Ohio. He was enlisted to Keystone Mutual Funds in Boston in 1984, and a year later he was recruited by Goldman Sachs to work as a credit analyst in New York City. Within 6 months, he had become the head trader at Goldman, where he worked for 8 years, his main focus being special situations and bankruptcies. On December 1992, he left Goldman and established Appoloosa Management.
In 2009, Tepper’s firm made a total of $7 billion from acquiring distressed financial stocks. The industrious businessman was named by New York Times as the world’s top earning hedge fund manager of 2009. In 2011, Tepper received the “Institutional Hedge Fund Firm of the Year” award, while in 2013 he was ranked as the “Top Hedge-Fund Earner of 2012” by Forbes. He outperformed the vast majority of hedge fund managers and the U.S stock market with his more than 42% returns in 2013.
Tepper is also considered to be one of the most generous philanthropists in the United States. On 19th March, 2003, he made an announcement citing that he would give away a single donation of $55 million to Carnegie Mellon University’s business School (formerly Graduate School of Industrial Administration). In November 2013, he made a donation of $67 Million to the same institution towards the development of the Tepper Quadrangle on the north campus. This brought Tepper’s donation to Carnegie Mellon to a whopping $125 million.
That’s not all! Tepper has also contributed handsomely to various worthy causes, i.e. he made a donation of $200,000 in gift cards to Hoboken and Jersey City families who suffered loss after Hurricane Sandy. The 56 years old billionaire is married to Marlene Tepper, with whom he has three children named Brian Tepper, Randi Tepper and Casey Tepper.