Birthday: September 11, 1957
Age: 63 Years, 63 Year Old Males
Sun Sign: Virgo
Also Known As: David Alan Tepper
Born Country: United States
Born in: Pittsburgh, Pennsylvania, United States
Famous as: Businessman
Height: 1.75 m
Spouse/Ex-: Marlene Resnick Tepper (m. 1986)
father: Harry Tepper
mother: Roberta Tepper
siblings: Scott Tepper, Sheryl Weitman
children: Brian Tepper, Casey Tepper, Randi Tepper
U.S. State: Pennsylvania
City: Pittsburgh, Pennsylvania
Notable Alumni: University Of Pittsburgh
education: Carnegie Mellon University, Peabody High School, University of Pittsburgh
David Tepper is an American businessman, hedge fund manager, and philanthropist. He is also the owner of Carolina Panthers of the National Football League. He is famous for managing one of the most successful hedge fund firms of all time, Appaloosa Management. He has a net worth of approximately $12 billion, according to Forbes’ ‘The World’s Billionaires List’ (2019). Tepper was born in Pittsburgh, Pennsylvania. He earned his bachelor’s degree in economics from the University of Pittsburgh. He got his MBA from Carnegie Mellon University. Along with Jack Walton, he co-founded the Appaloosa Management, an employee-owned hedge fund, in 1993. In the first six months, it delivered 57% returns on its assets, and the funds kept growing over the years. Its assets under management exceeded $20 billion in 2014. Known for his philanthropic works, Tepper has donated a total of $125 million in funds and gifts to Carnegie Mellon University. He has also donated a substantial amount of funds to the University of Pittsburgh.
David Tepper finished his education in 1982, after which he got a job in the treasury department of Republic Steel in Ohio. He was recruited by Keystone Mutual Funds in Boston after two years.
In 1985, he was recruited by Goldman Sachs as a credit analyst. He became its head trader within six months, and played a major role in the survival of Goldman Sachs after the 1987 market crash. He quit the company in 1992.
In early 1993, he co-founded Appaloosa Management with Jack Walton, who was his co-worker at Goldman Sachs. Then company, which invests in public equity and fixed income markets around the world, grew rapidly its early years. It delivered 57% on its assets within six months and grew to $300 million in 1994, $450 million in 1995, and $800 million in 1996. It continued growing over the years, and in 2014, its assets under management exceeded $20 billion. The company has mostly invested in debts of companies in distress. Their first investment was in a distressed steel company that was in a bankruptcy court.
Though Appaloosa suffered major losses following the junk bond market crash in 2002, it eventually recovered in the subsequent years after making bets on troubled companies such as Enron, Worldcom and Marconi Corp.
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Other than business, David Tepper also has an interest in football. In September 2009, he bought a 5% stake in the Pittsburgh Steelers of the National Football League.
In May 2018, he bought the team Carolina Panthers from its original owner and founder Jerry Richardson.
David Tepper has made huge donations to the Carnegie Mellon University’s business school as well as to the University of Pittsburgh. In 2006, he made a donation of $1 million to the United Jewish Communities of MetroWest New Jersey as a contribution to their Israel Emergency Campaign.
He and a former colleague Alan Fournier also founded a political action group named ‘Better Education For Kids’ in 2012. He donated $200,000 in gift cards to the families affected by Hurricane Sandy. As a socially conscious person, he serves on various boards and committees for charitable and community organizations.
Family & Personal Life
David Tepper was born on 11th September 1957, in Pittsburgh, Pennsylvania, US. His father, Harry, was an accountant, while his mother was Roberta, a school teacher. His family was Jewish.
He studied at the University of Pittsburgh, from where he got a bachelor’s degree in economics. Later, he got an MBA from Carnegie Mellon University.
In 1986, Tepper married Marlene Resnick Tepper. They had three children, Brian, Randi and Casey.
In 2014, several media outlets reported that he had separated from his wife. They eventually divorced the same year.
He relocated with his family to Miami Beach in Florida in 2016.