David Tepper Net Worth And Role At Appaloosa Management

David Tepper, an American businessman and philanthropist, possesses a net worth of $18 billion.

He was one of the wealthiest in New Jersey before moving to Palm Beach and becoming Florida’s richest.

Tepper built his fortune founding Appaloosa Management, leaving Goldman Sachs in 1993 due to partnership snubs.

David Tepper Net Worth
David Tepper Net Worth

He owns the Carolina Panthers NFL team and the Charlotte FC MLS soccer team, making him a top sports team owner globally.

Tepper donated $67 million to Carnegie Mellon University, establishing the Tepper Quadrangle and other campus buildings.

Early Life and Education

David Tepper was born on September 11, 1957, in Pittsburgh, Pennsylvania.

He was the second of three children to Roberta, an elementary school teacher, and Harry, an accountant.

As a teenager, he attended Peabody High School.

Later, he earned his BA in economics from the University of Pittsburgh and obtained his MS from Carnegie Mellon University in 1982.

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David Tepper Career Beginnings

Tepper began his financial career while still in college, making small-scale investments in different markets.

After graduating from Pittsburgh, he worked as a credit analyst in the treasury department of Equibank before transitioning to a job in the treasury department of Republic Steel in Ohio.

In 1984, Tepper was recruited by Keystone Mutual Funds in Boston, Massachusetts.

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David Tepper Net Worth: Goldman Sachs

Tepper joined Goldman Sachs in 1985 after leaving Keystone.

He started as a credit analyst and quickly rose to become the company’s head trader within six months.

Throughout his eight-year tenure at Goldman Sachs, he primarily focused on bankruptcies and special situations, being credited with playing a critical role in the company’s survival following the 1987 stock market crash.

Appaloosa Management

Despite his high performance, Tepper felt repeatedly overlooked each year during partnership promotions.

Frustrated by the rejection, Tepper decided to venture out on his own.

He began working at the offices of mutual-fund manager and Goldman client Michael Price.

Aggressively trading his personal account, Tepper raised sufficient funds to establish his own fund, Appaloosa Management, in early 1993.

Initially known for being a junk bond investment boutique, Appaloosa later evolved into a hedge fund specializing in distressed debt, global public equity, and fixed income markets.

The firm garnered significant profits, particularly through investments in Conseco and Marconi.

In the early 2000s, Appaloosa thrived, achieving a 61% return in 2001, mainly from investing in distressed bonds, its signature strategy.

Despite the 2007-08 financial crisis, Appaloosa made around $7 billion in 2009 by capitalizing on the recovery of distressed financial stocks.

Tepper personally earned about $4 billion from those profits, making him the year’s top-earning hedge fund manager.

He retained this position in 2012.

Appaloosa continued its success through major investments in companies like Amazon and Alibaba, as well as through its offshore Palomino Fund.

In 2019, Tepper announced his plan to convert Appaloosa into a family office, returning outside money to investors and eventually managing his personal assets alone.

At its peak, Appaloosa had $14 billion in assets under management, with roughly 70% belonging to Tepper.

David Tepper Net Worth: David Tepper $100 Million Receipt

David Tepper withdrew $400 from an ATM in the Hamptons.

He accidentally left the receipt behind.

The next person who used the ATM found the receipt.

They saw Tepper’s account balance close to $100 million.

The ATM receipt became a sensation after being posted on the internet.

Hamptons House Revenge

In 2010, a year after earning $4 billion, David purchased an oceanfront mansion in the Hamptons hamlet of Sagaponack for $43.5 million.

The property spans 6.5 acres, an uncommon size for the area.

The purchase provided a bit of revenge for Mr. Tepper, as the seller of the home was Joanne Dougherty, who received the house as part of a divorce settlement from Jon Corzine.

Corzine, David’s former boss, had prevented him from becoming a partner for years.

In a move of sweet revenge, Tepper bought the Hamptons mansion from Corzine’s ex-wife and demolished it to build a mansion twice the size in its place.

Tepper and Joanne conducted the deal without any brokers, a simple transaction with no fees or commissions.

In 2016, Tepper relocated his business empire from New Jersey to Florida, causing significant loss in state income tax revenue for New Jersey, as he had been its largest individual taxpayer for several years.

He purchased a condo in Miami, Florida for $10.7 million in 2017, and in February 2021, he paid $73 million for an oceanfront mansion in Palm Beach, Florida.

In October 2020, Tepper indicated a potential move back to New Jersey.

David Tepper Net Worth: Sports Ownership

Aside from his successful hedge fund, David Tepper is deeply involved in professional sports ownership.

In 2009, he acquired a 5% stake in the NFL’s Pittsburgh Steelers, becoming a part-owner.

Later, in 2018, Tepper made history by purchasing the NFL’s Carolina Panthers from the team’s founder, Jerry Richardson, for a record-breaking $2.2 billion, the highest bid in NFL history.

Following his acquisition of the Panthers, Tepper expressed his interest in bringing an MLS franchise to Charlotte.

His efforts paid off when the city was granted the 30th team in the MLS, Charlotte FC, in late 2019.

Tepper reportedly paid a record $325 million in expansion fees to secure the franchise, which made its debut in 2022.


In philanthropy, David Tepper has made significant donations to his alma maters.

He contributed $55 million to Carnegie Mellon’s business school in 2004 and $67 million in 2013 to establish the Tepper Quadrangle and other campus facilities.

Additionally, he has made substantial donations to the University of Pittsburgh for endowed undergraduate scholarships, outreach programs, and academic centers.

Tepper has also supported various other causes.

He donated $1 million to the United Jewish Communities of MetroWest New Jersey and, in 2012, co-founded the political action group Better Education for Kids with his former colleague Alan Fournier.

Through his foundations, Tepper has contributed to relief efforts for Hurricane Ida and the COVID-19 pandemic.

David Tepper Personal Life

In his personal life, Tepper married Marlene in 1986 and had three children before divorcing in 2016.

He married Nicole Bronish three years later.

Tepper previously resided in a modest stone house in Livingston, New Jersey.

He reportedly paid $43.5 million for a beachfront mansion owned by his former Goldman Sachs supervisor.

Later, he demolished it to build an even larger house on the property.

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