David Tepper
David Tepper | President and Founder, Appaloosa Management | $20.6B
as of 7/03/24
David Tepper is an American billionaire hedge fund manager, philanthropist, and owner of the Carolina Panthers of the NFL and Charlotte FC of Major League Soccer. Known for his astute investment strategies and significant charitable contributions, Tepper has made a substantial impact in the financial world and beyond.
Personal Information:
Full Name: David Alan Tepper
Date of Birth: September 11, 1957
Place of Birth: Pittsburgh, Pennsylvania, USA
Zodiac: Virgo
Marital Status and Family:
Former wife: Marlene Resnick Tepper (divorced 2016).
Current wife: Nicole Bronish Tepper (m. 2019).
Daughter: Casey Tepper
Daughter: Randi Tepper
Son: Brian Tepper
Relatives:
Son-in-law: Ross Gordon (husband of Casey Tepper)
Background and Early Life:
Family Background: Raised in a middle-class Jewish family in the Stanton Heights neighborhood of Pittsburgh.
Ancestry: Grandparents emigrated from Russia and Poland.
Early Influences: Strong emphasis on education and hard work instilled by his parents.
Has been influenced by: Mentor and former boss Leon G. Cooperman, founder of Omega Advisors.
Books that impacted the most: No specific books publicly quoted.
Educational Background:
Undergraduate: Bachelor of Arts in Economics from the University of Pittsburgh.
Graduate: Master of Business Administration (MBA) from Carnegie Mellon University's Tepper School of Business, which was later named in his honor following a significant donation.
Professional Career:
Current Occupation: Owner of the Carolina Panthers and Charlotte FC; founder of Appaloosa Management.
Career History:
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 as a credit analyst, which was forming its high yield group in New York City. Within six months he became its head trader, remaining at Goldman 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 1987 stock market crash. He bought underlying bonds in the financial institutions that had been "crippled by the crash”, which soared in value once the market picked up again. He assumed he would be made a Goldman partner but was passed over, partly because his “loud and profane” manner rubbed other more restrained Goldman executives the wrong way.
Appaloosa Management: In December 1992, after being passed over for partner at Goldman Sachs twice in two years, Tepper quit. He began operating from a desk in the offices of mutual-fund manager and Goldman client Michael Price, aggressively trading his personal account in hopes of raising enough money to start his own fund. He created 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. Tepper “keeps the market on edge” and 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 hedge fund profits for the company.
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 their recovery that year. $4 billion of those profits went to Tepper's personal wealth, making him the top-earning hedge fund manager of 2009 according to The New York Times.
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 argued neither would happen: “The point is, markets adapt, people adapt. Don’t listen to all the crap out there.”
Career Milestones:
Key Achievements:
Successful turnaround of distressed assets during the financial crises.
Acquisition of the Carolina Panthers in 2018 and establishment of Charlotte FC in 2019.
Innovations and Contributions:
Developed Appaloosa Management into one of the most successful hedge funds.
Industry Impact:
Renowned for his contrarian bets and ability to thrive during financial downturns.
Net Worth and Assets:
Estimated Net Worth: Approximately $16.5 billion (Forbes 2023).
Key Assets:
Carolina Panthers: Tepper bought the NFL's Carolina Panthers from original owner and founder Jerry Richardson in May 2018, and was forced to sell his Steelers shares. He beat out a rival bidder with more ties to the Carolinas, Ben Navarro, thanks both to speedy NFL vetting (his Steelers part-ownership allowed the league's owners to bypass the process) and his $2.2 billion bid, the highest in NFL history, lacking other investors (unlike Navarro's). The team's lease on Bank of America Stadium expired after the 2018 season. In a statement, Tepper committed to keeping the team in the Carolinas.
Since buying the Panthers in 2018, they have compiled a 31-68 record and 6 head coaches in that span.Tepper has been described as one of the NFL's worst owners, with the Panthers going into a downturn since his ownership began.
In 2022, Tepper canceled the construction of a practice facility for the team in Rock Hill, South Carolina, after claiming that the city didn't hold up the end of their deal, had his real estate arm declare bankruptcy over the failed project and was forced to demolish the half-built facility.
Charlotte FC: Upon closing the Panthers purchase in 2018, Tepper suggested his desire to bring a Major League Soccer (MLS) franchise to Charlotte. The Panthers organization placed a bid for an expansion team in July 2019 and were awarded the 30th MLS team on December 17, 2019. Charlotte FC was awarded to Tepper on December 17, 2019, and began play in 2022 at Bank of America Stadium. Tepper reportedly paid $325 million in expansion fees for the franchise, setting an MLS record.
In 2020 the largest parts of his portfolio are Alibaba with 13% and Amazon with 11%.
Investments: Diversified portfolio including significant real estate holdings.
Stock Records: Detailed records are private, but major holdings through Appaloosa Management include significant positions in tech and finance sectors.
Business Interests:
Primary Business: Hedge funds and sports team ownership.
Known current and past Board of Directors positions: Active in his own firms, details on external board positions not widely publicized.
Member of the business board of advisors for the Tepper School of Business at Carnegie Mellon.
Other Ventures: Involved in various philanthropic efforts and real estate investments.
Leadership Style and Business Philosophy:
Leadership Approach: Known for a hands-on, detail-oriented approach.
Business Philosophy: Contrarian investor with a focus on undervalued assets and distressed investments.
Philanthropy and Social Contributions:
Charitable Donations: Over $700 million donated to various causes, including education, healthcare, and social services.
Carnegie Mellon: On March 19, 2004, 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). 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. 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.
University of Pittsburgh: 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.
Rutgers University: Tepper and wife Marlene have pledged $3.4 million to Rutgers University - Mason Gross School of the Arts, the alma mater of his wife.
United Jewish Communities: In 2006, Tepper donated $1 million to United Jewish Communities of MetroWest New Jersey toward their Israel Emergency Campaign.
Better Education For Kids: 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.
Hurricane Sandy: After Hurricane Sandy, David Tepper donated $200,000 in gift cards to Jersey City and Hoboken families who suffered loss in the storm.
COVID-19: In 2020, along with other philanthropists, Tepper donated $2.65 million through David A. Tepper Foundation to help Chicago with its share of struggle from the coronavirus pandemic. All donations to the fund will be distributed to nonprofit organizations, who will help give citizens a wider access to the help they need, such as basic supplies, food, utility, mortgage and rent, household funds, as well as safety and operations assistance.In April 2020, Tepper's cumulative donations toward COVID-19 relief efforts exceeded $22 million.
Hurricane Ida: In September 2021, it was announced that the Nicole & David Tepper Foundation and the David A. Tepper Charitable Foundation would donate $1 million to the Hurricane Ida relief effort.
Foundations and Initiatives: The David Tepper Charitable Foundation.
Philanthropic Goals: Improving education and healthcare services, supporting local communities.
Environmental Stewardship: Supports various environmental initiatives through his foundation.
CSR: Active in community development and support.
Lifestyle and Interests:
Main Residence:
Palatial estate in Miami Beach, Florida. In 2016, he relocated his company to Miami Beach, Florida. He had been New Jersey's richest taxpayer at the time. The move caused a state official to warn of a risk to the budget of New Jersey because of the resulting loss of income tax.
In October 2020, Tepper announced he was returning to New Jersey for family reasons, a move which may cost him up to $120 million in state income tax.
Personal Values: Focus on education, community support, and social justice.
Hobbies and Interests: Passion for sports, particularly football and soccer.
Social Circles: Prominent figures in finance, sports, and philanthropy.
Membership in Private Clubs and Social Organizations: Not publicly detailed.
Associates:
Business Connections:
Leon Cooperman - Mentor and founder of Omega Advisors.
Steve Cohen - Founder of Point72 Asset Management.
Paul Tudor Jones - Founder of Tudor Investment Corporation.
Carl Icahn - Activist investor and businessman.
Jamie Dimon - CEO of JPMorgan Chase.
Warren Buffett - CEO of Berkshire Hathaway.
Lloyd Blankfein - Former CEO of Goldman Sachs.
Larry Fink - CEO of BlackRock.
Ken Griffin - Founder of Citadel.
Ray Dalio - Founder of Bridgewater Associates.
Jon Corzine: Former United States Senator
Gayle Benson: Owner of the New Orleans Saints
Dan Morgan: General manager, Carolina Panthers.
Dave Canales: Head coach, Carolina Panthers
Brandt Tilis: EVP, Football Operations, Carolina Panthers
Kristi Coleman: President, Carolina Panthers
Personal Connections:
Richard Pzena: Founder of Pzena Investment Management
Shahryar Mahbub: Managing Director, Citi
Marty Hurney: American sportswriter
Mark Cuban: owner of the Dallas Mavericks
Ron Rivera: American football coach
John Jones: son of Jerry Jones and EVP, Dallas Cowboys
Jerry Jones: Owner, Dallas Cowboys
Robert Kraft: CEO, New England Patriots
Michael Novogratz: CEO, Galaxy
Friends in sports ownership circles, such as other NFL and MLS team owners.
Steven Fulop: Mayor of Jersey City
Jeb Bush: Former Governor of Florida.
John Boehner: Former Speaker of the United States House of Representatives.
Chuck Schumer: Majority Leader of the United States Senate.
John Kasich: Former Governor of Ohio.
Alan Fournier: Founder, Pennant Investors.
Mike DuHaime: Political campaign strategist, public affairs executive.
Political and Social Influence:
Political Affiliations: Historically supported both Democratic and Republican candidates, known for significant political donations.
Tepper and his wife contributed $10,400 to 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." Fulop's former campaign manager Shelley Skinner became the deputy director of Tepper's nonprofit Better Education for Kids.
In 2015, Tepper donated to both U.S. Senator Charles E. Schumer and then-U.S. House Speaker John Boehner.
In 2016, he donated over $1 million to political action committees supporting Jeb Bush and John Kasich's presidential bids.
Tepper supported the Jeb Bush 2016 presidential campaign.
Advocacy: Advocates for education reform and social justice.
Significant Political Statements: Supports policies that promote economic growth and social equity.
In January 2018, Tepper praised President Trump's corporate tax cuts, saying that the bull market still had room to grow and denying 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.”
Future Plans and Projects:
Upcoming Ventures: Continued expansion of sports franchise investments and philanthropic efforts.
Forecasts: Predicted continued influence in finance and sports management.
Legacy: Renowned for his financial acumen, sports management, and significant charitable contributions.
Available Data on Possessions:
Yachts: Known to own luxury yachts, specific names not publicly detailed.
Private Jets: Known to own private jets, including a Bombardier Global Express.
Cars: Collection includes high-end luxury cars, specifics not publicly detailed.
Art: Known for significant art investments, details not widely publicized.
Real Estate and Residences: Multiple properties including estates in Miami Beach, New Jersey, and the Hamptons.
According to the Post, he “paid $43.5 million for the beachfront Hamptons Mansion of a former Goldman Sachs supervisor who had passed him over for promotion. Then he had the house demolished.”He then built a house nearly twice as big on the same property. He had bought the property from the ex-wife of his former boss.
Collectables: Various high-value items including sports memorabilia.
Expensive Accessories: Known for luxury watches and accessories, brands not specified.
Public Persona and Influence:
Media Presence: Frequently covered in financial news and sports media.
Public Speaking: Regular speaker at financial conferences and events.
The Robin Hood Conference.
In 2018, Tepper was the keynote speaker at Carnegie Mellon University's 121st Commencement and was awarded an honorary doctorate degree.
Public Appearances:
NFL Owner’s Meetings.
Financial conferences such as SALT.
Philanthropic events.
Recognition and Awards: Various awards for his contributions to finance and philanthropy.
In June 2011, he was awarded the Institutional Hedge Fund Firm of the Year.
In 2013, Forbes ranked him as top hedge fund earner of 2012, moving him up to the 166th wealthiest person in the world.
Forbes listed Tepper as one of the 25 highest-earning hedge fund managers in 2013 and 2016.
The Bloomberg Billionaires Index ranked him as the wealthiest person in New Jersey.
Media Search Results for David Tepper
Biographical Books
There is one notable biographical book that mentions David Tepper:
"The Biography Of David Tepper: Charting Uncharted Waters: A Tale of Financial Mastery, Philanthropic Impact, and Sporting Legacy" by Daniel L. Gray
Controversies and Legal Issues
Controversies
David Tepper has faced a few controversies, primarily related to his high-profile status in finance and sports. His aggressive investment strategies and large-scale transactions have occasionally drawn criticism. For example, his decision to move the headquarters of his hedge fund, Appaloosa Management, from New Jersey to Miami was seen by some as a move to avoid higher taxes in New Jersey.
Legal Issues
Tepper has been involved in some legal issues, mostly related to his business operations. Notably, there were tax-related controversies when he relocated Appaloosa Management to Florida, which resulted in significant tax savings. This move was scrutinized for its impact on New Jersey's tax revenues.
On December 31, 2023, Tepper threw a drink at a fan during the Panthers' game against the Jacksonville Jaguars. He was fined $300,000 by the NFL for the incident.
Scandals
There have been no major personal scandals involving David Tepper. His public persona remains largely tied to his business success and philanthropic efforts.
Allegations
Tepper has faced allegations regarding his business practices, particularly the tax advantages he gained by moving his hedge fund operations to Florida. However, these allegations have not led to any substantial legal consequences.
Criticisms
Tepper has been criticized for his management style and decisions, especially in the sports industry. His handling of the Carolina Panthers, including the firing of head coach Ron Rivera, sparked debate among fans and sports analysts. Additionally, his significant influence in the financial markets through aggressive trading has been a point of contention.
Public Conflicts
Tepper has had public conflicts mainly related to his ownership of the Carolina Panthers. His decisions regarding team management and coaching changes have sometimes been controversial and have led to public and media scrutiny.
Curious Information
Little-known Biography Facts
David Tepper was born in Pittsburgh, Pennsylvania, and he grew up in a Jewish family. His early interest in investments was influenced by his grandfather, who gave him baseball cards to help him develop a photographic memory for statistics.
In a 2018 commencement address at Carnegie Mellon University, he revealed that his father had been physically abusive toward him.
He has characterized himself as “a regular upper-middle-class guy who happens to be a billionaire.”
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.” 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.”
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.”
Asked by a reporter about the origins of his strong confidence, Tepper said: “I was never afraid to go back to Pittsburgh and work in the steel mills.”
Unusual Experience
Tepper keeps a pair of brass testicles on his desk for good luck during trading. This unusual item symbolizes his bold and aggressive investment strategies.
Gossip and Rumors
There are relatively few rumors about Tepper, largely due to his private nature and focus on business. However, his high-profile acquisitions and significant wealth often make him a subject of speculation in financial circles.
Mentions in Conspiracy Theories
Tepper is not commonly mentioned in conspiracy theories. His public image is primarily associated with his financial expertise and success as a hedge fund manager and sports team owner.
Psycho-emotional Profile of David Tepper
Emotional State and Mood: David Tepper, founder of Appaloosa Management and owner of the Carolina Panthers and Charlotte FC, maintains a dynamic and often intense emotional state. His mood appears to fluctuate, particularly in response to the performance of his sports teams. For instance, his frustration and anger were evident after the Panthers' loss to the Tennessee Titans, where he expressed his dissatisfaction through an emotional outburst. This suggests that his emotional state can shift significantly in response to professional stressors.
Personality Traits: Tepper exhibits traits of extroversion, resilience, and a highly analytical mindset. His public persona and willingness to express strong opinions indicate extroversion. His resilience is demonstrated by his ability to recover from personal and professional setbacks, such as his childhood experiences of physical abuse and his strategic successes in the hedge fund industry. Tepper's analytical and conscientious nature is reflected in his meticulous approach to investment and business management.
Stress Levels and Coping Mechanisms: Tepper experiences high levels of stress due to his high-stakes roles in both finance and sports management. He copes through direct problem-solving, as seen in his decisive actions regarding the Panthers' management and his active engagement in philanthropic efforts. Tepper's emotional responses, such as his outbursts, suggest that while he manages stress through active involvement, he also experiences moments of high emotional intensity.
Self-Esteem and Self-Concept: Tepper's self-esteem is high, supported by his substantial achievements in finance and his significant philanthropic contributions. He views himself as a capable and influential leader, with a strong self-concept rooted in his ability to make impactful decisions and foster growth in various ventures. His success with Appaloosa Management and his substantial donations to institutions like Carnegie Mellon University bolster his self-image.
Interpersonal Relationships: Tepper maintains professional relationships characterized by respect and mutual benefit. His interactions with colleagues, sports team staff, and other business associates suggest he values loyalty and effective collaboration. However, his intense emotional responses may occasionally strain these relationships, especially during high-pressure situations involving his sports teams.
Behavioral Patterns: Tepper's behavioral patterns include strategic risk-taking and a strong focus on achieving long-term goals. He avoids impulsivity in business decisions, preferring well-considered strategies. However, his emotional responses in the sports arena can sometimes appear impulsive, indicating a dichotomy between his professional and personal behavioral tendencies.
Psychological Well-being: Overall, Tepper's psychological well-being appears stable, though he experiences significant emotional fluctuations. His ability to manage large-scale investments and philanthropic projects contributes to his life satisfaction. Nonetheless, the stress associated with his sports teams' performance impacts his emotional stability.
Cognitive Functioning: Tepper demonstrates high cognitive abilities, particularly in strategic planning and problem-solving. His success in hedge fund management and his ability to navigate complex financial markets reflect his strong analytical skills and cognitive flexibility.
Past Experiences and Trauma: Tepper's past experiences, including overcoming childhood abuse, have shaped his resilience and strategic outlook. These experiences have reinforced his determination and ability to handle adversity, significantly influencing his current emotional and psychological state.
Motivations and Goals: Tepper is driven by both intrinsic and extrinsic motivations. His personal goals include maintaining and growing his investments and sports franchises while contributing to philanthropic causes. Extrinsically, he is motivated by public recognition and the desire to leave a positive impact through his business and charitable activities.
Physical Health and Its Impact: There is limited public information on Tepper's physical health, but his active involvement in various demanding roles suggests he prioritizes his well-being. Effective physical health likely contributes positively to his psychological resilience and ability to manage stress.
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