David Tepper


David Alan Tepper, born on September 11, 1957, is an American hedge fund manager who has amassed a fortune, making him a billionaire. He is the proprietor of the National Football League’s Carolina Panthers and Charlotte FC in Major League Soccer. In Miami Beach, Florida, he founded and serves as the CEO of Appaloosa Management, a worldwide hedge fund.

Early life

Tepper was born in the East End of Pittsburgh, Pennsylvania on September 11, 1957, the second of three children to Harry, an accountant, and Roberta, an elementary school teacher, in a Jewish family. He grew up in the Stanton Heights neighborhood, where he played football and developed a photographic memory for baseball statistics from cards given to him by his grandfather. In a 2018 commencement address at Carnegie Mellon University, Tepper revealed that his father was physically abusive toward him during his childhood.

Tepper attended Peabody High School in East Liberty and went on to study economics at the University of Pittsburgh, where he worked at the Frick Fine Arts library to help pay his way. Despite experiencing early setbacks with his first two investments in Pennsylvania Engineering Co. and Career Academies, which both went bankrupt, he graduated with honors and continued to invest in various markets on a small scale.

After graduation, Tepper began working as a credit analyst in the treasury department at Equibank but soon became dissatisfied with his position. In 1980, he enrolled in Carnegie Mellon University’s business school to pursue a Master of Science in Industrial Administration (MSIA), which was then the equivalent of an MBA in 1982.

Tepper gave his largest contribution of $67 million to Carnegie Mellon in 2013, and the business school was subsequently renamed the Tepper School of Business.


Following the completion of his MBA in 1982, Tepper joined Republic Steel’s treasury department in Ohio. Two years later, in 1984, he was recruited to work at Keystone Mutual Funds (now part of Evergreen Funds) in Boston.

In 1985, Tepper was recruited by Goldman Sachs to join its high yield group in New York City as a credit analyst, as the firm was in the process of forming the group. Within six months, he rose to become the group’s head trader, a position he held for eight years. During this time, Tepper’s primary focus was on bankruptcies and special situations.

Tepper is widely credited with playing a significant role in Goldman Sachs’ survival following the 1987 stock market crash. He purchased underlying bonds in financial institutions that had been severely impacted by the crash, which later increased in value when the market recovered.

In 1992, David Tepper left Goldman Sachs after being passed over for partner twice. He started his own hedge fund, Appaloosa Management, in early 1993. Over the years, he has made significant gains by investing in distressed bonds and companies, such as MCI and Mirant.

In 2009, he earned approximately $7 billion by buying distressed financial stocks and profiting from their recovery. According to Forbes, Tepper’s net worth is $16.7 billion as of 2022, and he is ranked as the wealthiest person in New Jersey. He keeps a pair of brass testicles on his desk for good luck during trading, and his portfolio in 2020 includes Alibaba and Amazon as the largest holdings.

David Tepper has made significant investments in professional sports. In 2009, he purchased a 5% stake in the Pittsburgh Steelers, an American football team in the NFL. He then went on to buy the Carolina Panthers in 2018 for $2.2 billion, beating out other bidders.

As a result of the purchase, he was forced to sell his stake in the Steelers. Tepper committed to keeping the Panthers in the Carolinas and also expressed a desire to bring a Major League Soccer (MLS) franchise to Charlotte. In 2019, the Panthers placed a bid for an expansion team, which was awarded to Tepper’s organization and named Charlotte FC. The team began playing in 2022, and Tepper paid $325 million in expansion fees, setting an MLS record.

For the 2012 tax year, Institutional Investor’s Alpha identified Tepper’s $2.2 billion salary as the world’s highest for a hedge fund manager. In Forbes’ “The Highest-Earning Hedge Fund Managers 2018,” he ranked third with yearly earnings of $1.5 billion.

He is widely regarded as a revered figure in the business, as evidenced by his being the subject of “a certain amount of hero worship inside the industry,” as described in a 2010 profile in New York. He intends to eventually transform his hedge fund into a family office, as per his statement.

Net Worth

Tepper’s net worth is an estimated $18.5 billion as of March 2023.


David Tepper has been recognized for his successful career in the finance industry and his contributions to society. Here are some of his achievements and awards:

In 2010, Tepper was named one of Time Magazine's 100 Most Influential People in the World for his philanthropic efforts in the wake of Hurricane Sandy. Tepper's foundation donated $200,000 to help those affected by the storm.
In 2011, Institutional Investor named Tepper the "Money Manager of the Year" for his performance at Appaloosa Management.
In 2013, Forbes ranked Tepper as the top-earning hedge fund manager of the year and the 166th wealthiest person in the world.
In 2018, Tepper was inducted into the Alpha Magazine Hedge Fund Hall of Fame, which honors hedge fund managers who have achieved outstanding success throughout their careers.
In 2019, Tepper was awarded the Carnegie Medal of Philanthropy, which recognizes individuals who have made significant contributions to society through their philanthropic work. Tepper was honored for his efforts to support education and healthcare initiatives in underserved communities.

These are just a few of the awards and recognitions that David Tepper has received over the course of his career.