David Tepper

David Tepper
Born David Alan Tepper
(1957-09-11) September 11, 1957
Pittsburgh, Pennsylvania, U.S.
Nationality American
Alma mater University of Pittsburgh (BA)
Carnegie Mellon University (MBA)
Known for Principal Owner of the Carolina Panthers
President of Appaloosa Management
Net worth US$11.0 billion (June 2018)[1]
Marlene Tepper
(m. 1986; div. 2014)
Children 3

David Alan Tepper (born September 14, 1957) is an American billionaire businessman, hedge fund manager, and philanthropist. He is the owner of the Carolina Panthers of the National Football League (NFL). Tepper is also the founder and president of Appaloosa Management, a global hedge fund based in Miami Beach, Florida.

He earned a bachelor's degree in economics from the University of Pittsburgh in 1978, an MBA from Carnegie Mellon University in 1982. In 2013, he donated his largest gift of $67 million to Carnegie Mellon, whose Tepper School of Business is named after him.[1]

For the 2012 tax year, Institutional Investor's Alpha ranked Tepper first, for earning a $2.2 billion paycheck.[2] In 2016, he earned $1.2 billion, the world's 4th highest earning hedge fund manager.[3] A 2010 profile in New York Magazine described him as the object of “a certain amount of hero worship inside the industry,” with one investor calling him “a golden god.”[4]

Early life and education

Tepper was raised in a Jewish family in the East End of Pittsburgh, Pennsylvania in the Stanton Heights neighborhood.[5] He was the second of three children born to Harry, who worked as an accountant, and Roberta, who was an elementary school teacher who taught at public schools in the city.[6] He attended Peabody High School in Pittsburgh's East Liberty neighborhood.[5] He attended the University of Pittsburgh and helped pay his way through school by working at the Frick Fine Arts library. He graduated with honors, receiving his Bachelor of Arts degree in economics. He also dabbled in the markets during college.[7] His first two investments, given to him by his father, were Pennsylvania Engineering Co. and Career Academies. Both companies went bankrupt.[8] As a boy, reported New York Magazine in 2010, he “played football and memorized the baseball statistics on the backs of cards given to him by his grandfather—early evidence of what he claims is a photographic memory.”[9] In a 2018 commencement address at Carnegie Mellon University, he revealed that his father had been physically abusive toward him.[10]

After graduation he entered the finance industry, working for Equibank as a credit analyst in the treasury department. In 1980, unsatisfied with this position, he enrolled at Carnegie Mellon University's business school to pursue its then version of an MBA, a Master of Science in Industrial Administration (MSIA).

Business career

Republic and Keystone

After earning his MBA in 1982, Tepper accepted a position in the treasury department of Republic Steel in Ohio.

In 1984, he was recruited to Keystone Mutual Funds (now part of Evergreen Funds) in Boston.

Goldman Sachs

In 1985, Tepper was recruited by Goldman Sachs, which was forming its high yield group. He joined the firm in New York City as a credit analyst. Within six months, Tepper became the head trader on the high-yield desk at Goldman where he worked for eight years. His primary focus was bankruptcies and special situations.

He is credited with playing a major role in the survival of Goldman Sachs after the 1989 market crash. He bought “underlying bonds in the financial institutions that had been crippled by the crash,” and “when...the market picked up again, the value of the bonds soared.” He assumed he would be made a Goldman partner, but he was passed over, partly because his “loud and profane” manner conflicted with the “navy-suit, Harvard-type background” of other Goldman executives.[11]

Appaloosa Management

In December 1992, after being passed over for partner at Goldman Sachs for two years in a row, Tepper quit. From a desk in the offices of mutual-fund manager Michael Price, a Goldman client, Tepper “began aggressively trading his personal account, hoping to raise enough money to start his own fund.”[12]

He started Appaloosa Management in early 1993.

In 2001, he generated a 61% return by focusing on distressed bonds, and in the fourth quarter of 2005 he pursued what he saw as better opportunities in Standard & Poor's 500 stocks.[13] He makes significant gains year after year by “investing in the diciest of companies,” such as MCI and Mirant. Investments in Conseco and Marconi also led to huge profits for the company’s hedge funds while Tepper “keeps the market on edge.” [14]

In a 2010 speech, he recommended several supposedly risky investments, including AIG debt, Bank of America equity, and European banks. Citing experts who predicted hyperinflation or depression and deflation, he said neither would happen: “The point is, markets adapt, people adapt. Don’t listen to all the crap out there.”[15]

In 2009, Tepper's hedge-fund earned about $7 billion by buying distressed financial stocks in February and March (including Bank of America common stock at $3 per share), and then profiting from the recovery of those stocks later that year.[16] $4 billion of those profits went to Tepper's personal wealth. In March 2010, the New York Times reported that Tepper's success made him the top-earning hedge fund manager of 2009.[17] In June 2011, he was awarded the Institutional Hedge Fund Firm of the Year.[18] Then, again in 2013, Forbes ranked him as top hedge-fund earner of 2012, elevating his status to the 166th wealthiest person in the world.[1]

In 2014, and in 2017 Forbes listed Tepper as one of the 25 highest-earning hedge fund managers in 2013 and 2016 respectively.[19][20]

In January 2018, Tepper praised President Trump's corporate tax cuts, saying that the bull market still had room to grow, and denied that it was overvalued. “World growth is higher,” Tepper said. “There's no inflation. The market coming into this year doesn't look rich, in fact, it looks almost as cheap as coming into last year.”[21]

Professional sports

Pittsburgh Steelers

On September 25, 2009, Tepper purchased a 5% stake in the National Football League Pittsburgh Steelers.[22][23] He held that stake in the Steelers under controlling owner Art Rooney II until 2018.

Carolina Panthers

In May 2018, it was reported that Tepper had finalized a deal to buy the Carolina Panthers from original owner and founder Jerry Richardson. He beat out Ben Navarro, a rival bidder with more ties to the Carolinas, on account that his Steelers part-ownership allowed the league's owners to bypass the vetting process, and his $2.2 billion bid for the franchise, the highest in NFL history, did not have any other investors, unlike Navarro's.[24][25] In a statement, Tepper committed to keeping the team in the Carolinas; the team's lease on Bank of America Stadium expires after the 2018 season.


According to Forbes, Tepper has a net worth of $11.4 billion as of February 2017.[26] The Bloomberg Billionaires Index ranked him as the wealthiest person in New Jersey.[27]

On March 19, 2003, Tepper announced that he would make a single donation of $55 million to Carnegie Mellon University's business school (then called the Graduate School of Industrial Administration—GSIA).[28] This donation was made after he had been encouraged by Kenneth Dunn, his former professor (who became dean of the school). He accepted the suggestion but made the contribution a “naming gift” and suggested that the school's name be changed to the David A. Tepper School of Business.[29] Further, in November 2013, Carnegie Mellon announced a $67 million gift from Tepper to develop the Tepper Quadrangle on the north campus. The Tepper Quad will include a new Tepper School of Business facility across the street from the Heinz College as well as other university-wide buildings and a welcome center which will serve as a public gateway to the university. This brings Tepper's total gift to Carnegie Mellon to $125 million.[30]

Tepper also has made several large gifts to the University of Pittsburgh, including several endowed undergraduate scholarships and support of academic centers and university-run community outreach programs.[31] Tepper and wife Marlene have pledged $3.4 million to Rutgers University - Mason Gross School of the Arts, the alma mater of his wife.[32]

In 2006, Tepper donated $1 million to United Jewish Communities of MetroWest New Jersey toward their Israel Emergency Campaign.[33]

In March 2012, Tepper and his former colleague, Alan Fournier founded a political action group, Better Education For Kids. "Better Education for Kids is entering the fray as private organizations are poised to play a larger role in education in New Jersey. Christie wants more charter schools, and he’s pushing legislation that would allow private companies to take over struggling public schools." According to the NJ Star Ledger on June 24, 2011, "Last week, the fledgling group launched a $1 million campaign to advertise its mission and solicit donations. Unlike traditional non-profits, Better Education for Kids is a type of non-profit not required to disclose its donors. Though the group cannot formally coordinate its work with lawmakers, it will be advised by two of the state’s top political consultants: Mike DuHaime, a Republican strategist with close ties to Christie, and Jamie Fox, a Democrat who served as former Gov. James E. McGreevey’s chief of staff."[34]

After Hurricane Sandy, David Tepper donated $200,000 in gift cards to Jersey City and Hoboken families who suffered loss in the storm.[35][36][37]

Tepper serves as a member of the business board of advisors for the Tepper School of Business at Carnegie Mellon and serves on various boards and committees for charitable and community organizations in New York and New Jersey.[38]


Tepper and his wife contributed $10,400 to the 2013 Jersey City Mayoral Candidate, Steve Fulop. According to the Jersey Journal on October 24, 2012, "David Tepper, the billionaire who supports tenure reform and charter schools, contributed $10,400 to Fulop's council candidates, while Tepper's wife gave the team an additional $10,400."[39] Fulop's former campaign manager Shelley Skinner[40] became the Deputy Director of Tepper's non-profit Better Education for Kids.[41]

In 2015 Tepper donated to both Sen. Charles E. Schumer and former House Speaker John Boehner. In 2016 he donated more than $1 million to PACS supporting Jeb Bush and John Kasich.[42] Tepper supported the 2016 Jeb Bush presidential campaign.[43]

Personal life

In 1986, he married Marlene Resnick Tepper;[44] they have three children: Brian, Randi, and Casey.[45] In 2014, several media outlets reported that he separated from his wife.[45]

He has characterized himself as “a regular upper-middle-class guy who happens to be a billionaire.”[46] The Washington Post has described him as “a man who’s unpolished and proud of it, whose reputation as a candid and at times controversial voice has grown almost as fast as his net worth.”[47] In New Jersey, he and his family lived in a modest stone house in Livingston, and his New York offices “resemble[d] a high-end sports bar—all polished mahogany and flat-screen TVs and black-and-gold Steelers paraphernalia—or a wealthy frat house.” But he told an interviewer in 2010 that sometimes, “if someone is an asshole, like a waiter at a restaurant, I think, I could just buy this place and fire that guy.”[48] According to the Post, he “paid $43.5 million for the beachfront mansion of a former Goldman Sachs supervisor who had passed him over for promotion. Then he had the house demolished.”[49]

Asked by a reporter about the origins of his preternatural confidence, Tepper said: “I was never afraid to go back to Pittsburgh and work in the steel mills.”[50]

In 2016, he relocated his family and his company to Miami Beach, Florida.[51]


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  2. Hedge Fund Titans’ Pay Stretching to 10 Figures Archived October 16, 2015, at the Wayback Machine. April 15, 2013 New York Times
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  18. "David Tepper's Bio, Quotes, Videos, Recent Buys, News – Resource Page". Value Walk. Retrieved 23 October 2013.
  19. Vardi, Nathan (Feb 26, 2014), "The 25 Highest-Earning Hedge Fund Managers And Traders", Forbes
  20. Vardi, Nathan. "The 25 Highest-Earning Hedge Fund Managers And Traders". Forbes. Retrieved 2017-04-12.
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  30. Retrieved November 15, 2013. Archived March 20, 2016, at the Wayback Machine.
  31. "Pitt to Induct Six Donors Into Cathedral Of Learning Society". Pitt Chronicle. Pittsburgh, PA: University of Pittsburgh. June 23, 2008. Retrieved November 2, 2013.
  32. Rutgers College alumna Marlene A. Tepper and her husband, David A. Tepper, of Livingston, N.J., have pledged $3.4 million to the Mason Gross School of the Arts.
  33. New Jersey Jewish News: "Seven-figure donation fuels emergency campaign: Archived May 7, 2016, at the Wayback Machine. September 7, 2006
  34. Jerry McCrea/The Star-Ledger (2011-06-24). "N.J. hedge fund leaders create group to financially back education reforms supported by Gov. Christie". NJ.com. Retrieved 2014-05-09.
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  39. Jersey Journal October 24, 2012 Mayoral candidate Fulop is far ahead of Mayor Healy in fundraising http://www.nj.com/jjournal-news/index.ssf/2012/10/ersey_city_mayoral_candidate_f.html%5Bpermanent+dead+link%5D
  40. Politicker NJ February 4, 2009 "Fulop To Run As Independent" http://www.politickernj.com/matt-friedman/27117/fulop-run-independent%5Bpermanent+dead+link%5D
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  43. "Archived copy". Archived from the original on 2016-04-24. Retrieved 2015-08-16.
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