What is David Tepper’s net worth in 2021?
See how much the billionaire National Football League’s Carolina Panthers owner Tepper is worth, how he made his money and acquired his sports empire.
David Tepper is an American hedge fund manager and businessman who is the founder and president of Appaloosa Management, a global hedge fund based in Florida.
Tepper is widely known in sports circles as the billionaire owner of the National Football League (NFL) franchise, Carolina Panthers.
His sports empire also consists of Major League Soccer’s Charlotte FC.
An astute hedge fund manager who boasts of an impeccable reputation, Tepper is considered one of the world’s richest hedge fund managers.
How Did David Tepper Make His Money?
In 1982, after David Tepper got his MBA from Carnegie Mellon University, he went on to work for the treasury department of American steel manufacturer, Republic Steel.
Two years later, he joined Keystone Mutual Funds (now Evergreen Funds). In 1985, a year after he joined Evergreen Funds, Tepper was employed by Goldman Sachs as a credit analyst.
Tepper, who posted to Goldman Sachs high yield group in New York, soon became its head trader in the space of six months.
He went on to spend eight years at Goldman Sachs, specializing in special situations and bankruptcies.
Two years after joining Goldman Sachs, the 1987 market crash occurred, and Tepper was one of the principal figures that helped the company stay afloat.
He did so by buying stocks of financial institutions that had fallen greatly due to the crash but skyrocketed after the market picked up.
As a result of his success, Tepper expected to be made a partner in the company but was repeatedly passed over because Tepper was viewed as “loud and profane,” which gave him a negative outlook on the part of Goldman’s executives.
In December 1992, after being passed over twice in about two years, David Tepper had had enough and decided to quit.
He began trading his account in the office of Michael Price, a client of Goldman Sachs and a mutual fund manager.
In 1993, months after he quit his job at Goldman Sachs, he founded Appaloosa Management. Tepper focused on distressed bonds, which proved to be a good thing as in 2001, he had generated 61% returns in his investments.
According to him, he invested in the “divest of companies,” which brought significant profits to his organization.
He also made significantly risky investments in financial institutions such as Bank of America equity and AIG debts.
In 2009, his distressed bonds investments proved to be a great move, as he earned $7 billion from the investments.
Of the earning, $4 billion went to his personal wealth, which ranked him as one of the highest-earning hedge fund managers of 2009.
Over the years, Tepper’s investments have seen him continually earn more, which has made him hold on to his billionaire status.
As of 2020, Tepper’s largest investment portfolio includes 11% with Amazon and 13% with Alibaba.
“I am the animal at the head of the pack. I generally am. I either get eaten, or I get the good grass.”— David Tepper
How Did David Tepper Acquire the Carolina Panthers?
David Tepper’s interest in the NFL franchise dates back to 2009, where he bought a 5% stake in the Pittsburgh Steelers, making him a minority owner.
In 2018, with the Carolina Panthers went up for sale, David Tepper aggressively bided against several investors to purchase the team.
He outbid the other investors, particularly CEO of Sherman Financial Group, LLC, Ben Navarro, to buy the Panthers.
Tepper offered $2.2 billion to buy the franchise, the highest ever offered in NFL history. He finally purchased the franchise for $2.3 billion.
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What is David Tepper’s Net Worth?
As of 2021, David Tepper’s net worth is valued at $13 billion, which is a billion-dollar increase as of 2019.
According to Forbes, his fortune makes him the 101st richest person in the world and the 41st richest American.
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David Tepper’s Sports Empire
Aside from trading stocks, David Tepper seems to have found a new interest in the sports franchise.
In 2018, he became the latest NFL franchise owner after he successfully bought the Carolina Panthers for $2.3 billion.
The Carolina Panthers are currently worth $2.55 billion.
After his successful purchase of the Panthers, Tepper expressed his desire to see a Major League Soccer franchise in Charlotte, and the work to make that dream reality began.
After the Panthers Organization placed a bid for an expansion team, the 30th MLS team was awarded to the organization, but not without Tepper parting away with $325 million in expansion fees.
The franchise will begin to play in 2022 at the Bank of America stadium.
David Tepper Profile
|Net Worth:||$13 Billion|
|Full Name:||David Alan Tepper|
|Born:||September 11, 1957, Pittsburgh, PA, U.S.|
|Age:||65 years old|
|Wife:||Marlene Tepper (m. 1986; div. 2014);|
Nicole Bronish (m. 2019)
|Education:||Peabody High School;|
Bachelor of Arts/Science, University of Pittsburgh;
Carnegie Mellon University;
Master of Business Administration, David A. Tepper School of Business
|Source of Wealth:||Hedge funds, sports franchise|
The NFL’s Carolina Panthers owner David Tepper’s net worth has increased steadily over the past five years.
He rose to become a billionaire businessman and owner of an NFL and MLS franchise.