David Tepper Net Worth

David Alan Tepper Net Worth

Real Name: David Alan Tepper
Date of Birth: 09/11/1957
Place of Birth: Pittsburgh, Pennsylvania

2019 Net Worth: $10 Billion
2018 Earnings: $3 Billion

Profession: Hedge Fund Manager, Founder of Appaloosa Management

David Tepper Biography

David Tepper was born in Pennsylvania in 1957. He grew up on the East side of Pittsburgh in the Stanton Heights area. His father was an accountant, his mother an elementary school teacher. After graduating high school, he helped to pay his way through college at the University of Pittsburgh by working at the Frick Fine Arts Library. Tepper graduated with honors, receiving a Bachelor of Arts degree in Economics. His first two investments, given to him by his father, went bankrupt.

Tepper worked for a short time for Equibank but in 1980, unhappy with his position there, he enrolled at Carnegie Mellon University Business School. In 1984, he was recruited to Keystone Mutual Funds (now Evergreen Funds) in Boston. He was hired away by Goldman Sachs in 1985 where he worked as the head trader at the high yield desk for 8 years. Tepper left Goldman Sachs and started Appaloosa Management in early 1993.

By focusing on distressed bonds, Tepper earned an unbelievable 61 percent return in 2001. Tepper continued to make huge gains each year by rolling the dice with some of the most unstable companies such as MCI, Mirant, and Conseco.

Tepper’s hedge fund earned about $7 billion in 2009 through buying distressed financial stocks, including Bank of America at $3 a share, then selling those same stocks less than a year later. In 2013, Forbes ranked Tepper as the top hedge fund earner of 2012, making him the 166th richest person in the world.

Tepper had an unbelievable 2013, with a 5 year streak of massive hedge fund earnings, more than has ever been earned before in the history of the hedge fund industry.

Tepper’s hard work and risk taking has certainly paid off. With a net worth of $10 billion, Tepper is sure to make more impressive gains and earnings, increasing his net worth, in 2014, 2015, and beyond.

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