(born September 11, 1957) is an Americanbillionairebusinessman, hedge fund manager, and philanthropist. He is the owner of theCarolina Panthersof theNational Football League(NFL). Tepper is also the founder and president ofAppaloosa Management, a global hedge fund based inMiami Beach, Florida.

He earned a bachelors degree in economics from theUniversity of Pittsburghin 1978, an MBA fromCarnegie Mellon Universityin 1982. In 2013, he donated his largest gift of $67 million to Carnegie Mellon, whoseTepper School of Businessis named after him.1

For the 2012 tax year, Institutional Investors Alpha ranked Teppers $2.2 billion paycheck as the worlds highest for a hedge fund manager.2He earned the 3rd position on Forbes The Highest-Earning Hedge Fund Managers 2018 with an annual earnings of $1.5 billion.3A 2010 profile in New York Magazine described him as the object of a certain amount of hero worship inside the industry, with one investor calling him a golden god.4

Tepper was born on September 11, 1957. He is the second of three children of Harry, an accountant, and Roberta, an elementary school teacher.5He was raised in a Jewish family in the Stanton Heights neighborhood of the East End ofPittsburghPennsylvania.6As a boy he played football and memorized the baseball statistics on the backs of cards given to him by his grandfatherearly evidence of what he claims is aphotographic memory.4In a 2018 commencement address at Carnegie Mellon University, he revealed that his father had been physically abusive toward him.7He attendedPeabody High Schoolin PittsburghsEast Libertyneighborhood,6followed by theUniversity of Pittsburgh, helping pay his way by working at theFrick Fine Arts library. He received a Bachelor of Arts degree ineconomicsand graduated with honors. He also began small scale investing in various markets during college.8His first two investments, given to him by his father, were Pennsylvania Engineering Co. and Career Academies. Both companies went bankrupt.9

After graduation he entered thefinance industry, working for Equibank as acredit analystin thetreasurydepartment. In 1980, unsatisfied with this position, he enrolled atCarnegie Mellon Universitys business school to pursue its then version of an MBA, aMaster of Science in Industrial Administration(MSIA).

After earning his MBA in 1982, Tepper accepted a position in the treasury department ofRepublic SteelinOhio.

In 1984, he was recruited to Keystone Mutual Funds (now part ofEvergreen Funds) in Boston.

In 1985 Tepper was recruited byGoldman Sachsas 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 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 he was passed over, partly because his loud and profane manner rubbed other more restrained Goldman executives the wrong way.4

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.4He createdAppaloosa Managementin 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 inStandard & Poors500 stocks.10Tepper keeps the market on edge11and makes significant gains year after year by investing in the diciest of companies, such asMCIandMirant. Investments inConsecoandMarconialso led to huge hedge fund profits for the company.

In a 2010 speech he recommended several supposedly risky investments, includingAIGdebt,Bank of Americaequity, and European banks. Citing experts who predicted hyperinflation or depression and deflation, he argued neither would happen: The point is, markets adapt, people adapt. Dont listen to all the crap out there.4

In 2009, Teppers 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.12A total of $4 billion of those profits went to Teppers personal wealth, making him the top-earning hedge fund manager of 2009 according toThe New York Times.13In June 2011, he was awarded the Institutional Hedge Fund Firm of the Year.14In 2013Forbesranked him as top hedge-fund earner of 2012, moving him up to the166th wealthiest person in the world.1

Forbes listed Tepper as one of the 25 highest-earning hedge fund managers in 2013 and 2016.1516

In January 2018 Tepper praised President Trumps corporate tax cuts, saying that the bull market still had room to grow and denying it was overvalued. World growth is higher, Tepper said. Theres no inflation. The market coming into this year doesnt look rich, in fact, it looks almost as cheap as coming into last year.17

Tepper keeps a pair of brass testicles in a prominent spot on his desk, a present from former employees. He rubs them for luck during the trading day to get a laugh out of colleagues.18

On September 25, 2009, Tepper purchased a 5% stake in the.1920

Tepper bought thefrom original owner and founderJerry Richardsonin 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 leagues owners to bypass the process) and his $2.2 billion bid, the highest in NFL history, lacking other investors (unlike Navarros).2122The teams lease onBank of America Stadiumexpires after the 2018 season. In a statement, Tepper committed to keeping the team in the Carolinas.23

Tepper and his wife contributed $10,400 to the 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 Fulops council candidates, while Teppers wife gave the team an additional $10,400.24Fulops former campaign manager Shelley Skinner25became the Deputy Director of Teppers non-profit Better Education for Kids.26

In 2015 Tepper donated to both Sen.Charles E. Schumerand former House SpeakerJohn Boehner. In 2016 he donated more than $1 million to PACS supporting Jeb Bush and John Kasich.27Tepper supported theJeb Bush 2016 presidential campaign.28

According toForbes, Tepper has a net worth of $11.4 billion as of February 2017.29TheBloombergBillionaires Index ranked him as the wealthiest person in New Jersey.30

On March 19, 2003, Tepper announced that he would make a single donation of $55 million to Carnegie Mellon Universitys business school (then called the Graduate School of Industrial AdministrationGSIA).31This 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 schools name be changed to theDavid A. Tepper School of Business.32Further, 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 Teppers total gift to Carnegie Mellon to $125 million.33

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.34Tepper and wife Marlene have pledged $3.4 million toRutgers UniversityMason Gross School of the Arts, the alma mater of his wife.35

In 2006, Tepper donated $1 million toUnited Jewish Communitiesof MetroWest New Jersey toward their Israel Emergency Campaign.36

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 hes 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 states 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. McGreeveys chief of staff.37

AfterHurricane Sandy, David Tepper donated $200,000 in gift cards to Jersey City and Hoboken families who suffered loss in the storm.383940

Tepper serves as a member of the business board of advisors for the Tepper School of Business at Carnegie Mellon and serves on various boards and committees for charitable and community organizations in New York and New Jersey.41

In 2018, Tepper was the keynote speaker atCarnegie Mellon Universitys 121st Commencement and was awarded an honorary doctorate degree.42

In 1986, he married Marlene Resnick Tepper;43they have three children: Brian, Randi, and Casey.44In 2014, several media outlets reported that he separated from his wife.44

He has characterized himself as a regular upper-middle-class guy who happens to be a billionaire.4The Washington Post has described him as a man whos unpolished and proud of it, whose reputation as a candid and at times controversial voice has grown almost as fast as his net worth.27In 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 barall polished mahogany and flat-screen TVs and black-and-gold Steelers paraphernaliaor a wealthy frat house. But 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.4According to the Post, he paid $43.5 million for the beachfront mansion of a former Goldman Sachs supervisor who had passed him over for promotion. Then he had the house demolished.27He then built a house nearly twice as big on the same property.45He had bought the property from the ex-wife of his former boss.46

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.4

In 2016, he relocated his family and his company toMiami Beach, Florida.47He had been New Jerseys 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.48

December 28, 2016, at theWayback MachineMarch 2014

October 16, 2015, at theWayback MachineApril 15, 2013 New York Times

The 25 Highest-Earning Hedge Fund Managers And Traders.

New Book Reveals The Cool Childhood Of Hedge Fund God David Tepper. Business Insider

June 11, 2010, at theWayback MachineNovember 17, 2004

David Teppers Bio, Quotes, Videos, Recent Buys, News Resource Page

David Teppers Bio, Quotes, Videos, Recent Buys, News Resource Page. Value Walk

Fridson, Martin (March 2, 2006).Too Many Dollars?

. Fridson Vision LLC. Archived fromthe original

(Reprint of Article. The Wall Street Journal)

.Carnegie Mellon University. April 14, 2004. Archived fromthe original

Zuckerman, Gregory (December 21, 2009),Fund Boss Made $7 Billion in the Panic,

Schwartz, Nelson D.; Story, Louise (March 31, 2010).Pay of Hedge Fund Managers Roared Back Last Year.

David Teppers Bio, Quotes, Videos, Recent Buys, News Resource Page. Value Walk

Vardi, Nathan (February 26, 2014),The 25 Highest-Earning Hedge Fund Managers And Traders,

Vardi, Nathan.The 25 Highest-Earning Hedge Fund Managers And Traders.

Jessica, Pressler (Dec 21, 2009),Hedge-Fund Manager David Tepper Has a Pair of Brass Balls,

Bouchette, Ed (September 24, 2009),Steelers close deal to add new owners,

New Book Reveals The Cool Childhood Of Hedge Fund God David Tepper. Business Insider

Feldman, Tyler.REPORT: David Tepper purchases Carolina Panthers

David Tepper finalizes deal to buy Panthers, report says.

Report: David Tepper wants to keep the Panthers in Charlotte.

Jersey Journal October 24, 2012 Mayoral candidate Fulop is far ahead of Mayor Healy in fundraising

Politicker NJ February 4, 2009 Fulop To Run As Independent

Archived copy. Archived fromthe originalon December 1, 2016

Archived copyArchivedfrom the original on April 24, 2016

Archived copyArchivedfrom the original on December 27, 2016

Bradshaw, Della (May 17, 2004).Dean profiles Working for $1 a year.

.Financial Times. Archived fromthe originalon January 6, 2006

Pitt to Induct Six Donors Into Cathedral Of Learning Society.

. Pittsburgh, PA: University of Pittsburgh. June 23, 2008

Rutgers College alumna Marlene A. Tepper and her husband, David A. Tepper, of Livingston, N.J., have pledged $3.4 million to the Mason Gross School of the Arts.

May 7, 2016, at theWayback MachineSeptember 7, 2006

Jerry McCrea/The Star-Ledger (June 24, 2011).N.J. hedge fund leaders create group to financially back education reforms supported by Gov. Christie. NJ.com

Star-Ledger photo (January 21, 2013).Tepper gift card effort was laudable, writes Jersey City resident. NJ.com

Billionaire Teppers gift card giveaway gets thumbs-up from Hoboken Housing Authority chief. NJ.com. January 8, 2013

Jersey Journal file photo (December 22, 2012).2 Jersey City councilwomen blast billionaires gift card giveaway as disorganized, hurtful. NJ.com

About David Tepper. David Tepper School of Business at Carnegie Mellon. Archived fromthe originalon December 25, 2009

University, Carnegie Mellon.Commencement Speakers and Honorary Degree Recipients – Leadership – Carnegie Mellon University.

Foley, Stephen (December 22, 2009).$2.5bn pay packet for fund manager.

March 5, 2016, at theWayback MachineJune 10, 2014

NJ.com, NJ Advance Media for.N.J.s richest man razes Corzines ex-wifes mansion, builds bigger mansion.

Sherlock, Ruth (September 23, 2015).American billionaire builds Hamptons mansion on land bought from boss who snubbed him

Archived copyArchivedfrom the original on December 28, 2016

One Top Taxpayer Moved, and New Jersey Shuddered

Reuters staff (March 16, 2006).Dissident Delphi investor challenges board.

. Reuters. Archived fromthe originalon December 15, 2012

Forbes staff (November 2005).645 David Tepper.

Editorial staff (March 29, 2004).How To Rebuild A B-School.

.Businessweek. Archived fromthe originalon August 16, 2006

Tepper magazine staff (2004).A kid from Peabody High School

.Carnegie Mellon University. p.6. Archived fromthe original

Guinto, Joseph (September 1, 2004).To MBA or Not to MBA, That is the Question.

Web staff (August 17, 2006).David Tepper BioTepper School of Business. Archived fromthe originalon July 15, 2006

CM Today magazine staff (June 2006).Wall Street Wizard David Tepper learns it, earns it and returns it

.Carnegie Mellon University. Archived fromthe originalon June 26, 2004

David Teppers Appaloosa Stock Portfolio, updated quarterly

David Tepper Hedge Fund Manager Appaloosa Management,aTrader, May 4, 2010

Investor David Tepper goes where others dont dare,

Ready to be Rich,(September 26, 2010 profile in New York Magazine)

Franchise owners of the National Football League

Articles with dead external links from December 2016

Articles with permanently dead external links

Articles with dead external links from October 2010

This page was last edited on 18 April 2019, at 07:15

Text is available under the; additional terms may apply. By using this site, you agree to theTerms of UseandPrivacy Policy. Wikipedia® is a registered trademark of theWikimedia Foundation, Inc., a non-profit organization.