David Tepper

{{Short description|American businessman and sports team owner (born 1957)}}

{{Infobox person

| name = David Tepper

| image = David Tepper 01.jpg

| caption = Tepper in 2006

| birth_name = David Alan Tepper

| birth_date = {{Birth date and age|1957|09|11}}

| birth_place = Pittsburgh, Pennsylvania, U.S.

| alma_mater = University of Pittsburgh {{small|(BA)}}
Carnegie Mellon University {{small|(MS)}}

| occupation = Hedge fund manager

| employer = Appaloosa Management

| known_for = Owner of the Carolina Panthers
Owner of Charlotte FC
President of Appaloosa Management

| spouse = {{plainlist|

{{marriage|Marlene Tepper|1986|2016|reason=divorced}}
{{marriage|Nicole Bronish|2019}}

}}

| children = 3

}}

David Alan Tepper (born September 11, 1957) is an American billionaire hedge fund manager. He is the owner of the Carolina Panthers of the National Football League (NFL) and Charlotte FC of Major League Soccer (MLS). Tepper is the founder and president of Appaloosa Management, a global hedge fund based in Miami Beach, Florida.

He earned a bachelor's degree in economics from the University of Pittsburgh in 1978, and an MBA from Carnegie Mellon University in 1982. In 2013, he donated his largest gift of $67 million to Carnegie Mellon, whose Tepper School of Business is named after him.

For the 2012 tax year, Institutional Investor's Alpha ranked Tepper's $2.2 billion paycheck as the world's highest for a hedge fund manager.[https://dealbook.nytimes.com/2013/04/15/pay-stretching-to-10-figures/ Hedge Fund Titans’ Pay Stretching to 10 Figures] {{webarchive |url=https://web.archive.org/web/20151016141128/http://dealbook.nytimes.com/2013/04/15/pay-stretching-to-10-figures/ |date=October 16, 2015 }} April 15, 2013, New York Times He earned the third position on Forbes The Highest-Earning Hedge Fund Managers 2018 with an annual earnings of $1.5 billion.{{Cite news|url=https://www.forbes.com/sites/nathanvardi/2018/04/17/the-25-highest-earning-hedge-fund-managers-and-traders-3/#3cb052053596|title=The 25 Highest-Earning Hedge Fund Managers And Traders|date=April 17, 2018|newspaper=Forbes|language=en|archive-date=July 7, 2019|archive-url=https://web.archive.org/web/20190707082630/https://www.forbes.com/sites/nathanvardi/2018/04/17/the-25-highest-earning-hedge-fund-managers-and-traders-3/#3cb052053596|url-status=live}} A 2010 profile in New York described him as the object of "a certain amount of hero worship inside the industry," with one investor calling him "a golden god."{{cite web|url=https://nymag.com/nymag/rss/business/68513/index3.html#print|title=Ready to Be Rich|website=NYMag.com|date=September 22, 2010 |access-date=January 3, 2019|archive-date=November 18, 2018|archive-url=https://web.archive.org/web/20181118213435/http://nymag.com/nymag/rss/business/68513/index3.html#print|url-status=live}} Tepper revealed plans to eventually convert this hedge fund into a family office.{{Cite news|url=https://www.swfinstitute.org/news/73136/david-tepper-sees-path-for-family-office|title=David Tepper Sees Path for Family Office|date=May 23, 2019|publisher=Sovereign Wealth Fund Institute|language=en|archive-date=May 24, 2019|archive-url=https://web.archive.org/web/20190524003803/https://www.swfinstitute.org/news/73136/david-tepper-sees-path-for-family-office|url-status=live}}

Early life and education

Tepper was born on September 11, 1957.{{cite news |last1=O'Connell |first1=Brian |title=What Is David Tepper's Net Worth |url=https://www.thestreet.com/lifestyle/david-tepper-net-worth |access-date=July 22, 2020 |work=The Street |date=January 21, 2020 |archive-date=July 22, 2020 |archive-url=https://web.archive.org/web/20200722100922/https://www.thestreet.com/lifestyle/david-tepper-net-worth |url-status=live }} He is the second of three children of Harry, an accountant, and Roberta, an elementary school teacher.{{cite web|title=New Book Reveals The Cool Childhood Of Hedge Fund God David Tepper|url=http://www.businessinsider.com/david-tepper-childhood-2012-5#the-billionaire-hedge-fund-manager-grew-up-in-a-lower-middle-class-neighborhood-1|publisher=Business Insider|access-date=October 23, 2013|archive-date=October 29, 2013|archive-url=https://web.archive.org/web/20131029184341/http://www.businessinsider.com/david-tepper-childhood-2012-5#the-billionaire-hedge-fund-manager-grew-up-in-a-lower-middle-class-neighborhood-1|url-status=live}} He was raised in a Jewish family in the Stanton Heights neighborhood of the East End of Pittsburgh, Pennsylvania.[http://www.tepper.cmu.edu/news-multimedia/news/news-detail/index.aspx?nid=119 Carnegie Mellon Tepper School of Business: "Meet the Man Behind the Gift"] {{webarchive |url=https://web.archive.org/web/20100611190623/http://www.tepper.cmu.edu/news-multimedia/news/news-detail/index.aspx?nid=119 |date=June 11, 2010 }} November 17, 2004 As a boy he “played football and memorized the baseball statistics on the backs of cards given to him by his grandfather—early evidence of what he claims is a photographic memory.” In a 2018 commencement address at Carnegie Mellon University, he revealed that his father had been physically abusive toward him.{{Cite web|url=https://www.cnbc.com/video/2018/05/22/david-teppers-emotional-commencement-speech-to-carnegie-mellon.html|title=David Tepper's emotional commencement speech to Carnegie Mellon|date=May 22, 2018|website=CNBC|access-date=July 25, 2018|archive-date=September 9, 2018|archive-url=https://web.archive.org/web/20180909153729/https://www.cnbc.com/video/2018/05/22/david-teppers-emotional-commencement-speech-to-carnegie-mellon.html|url-status=live}} He attended Peabody High School in Pittsburgh's East Liberty neighborhood, followed by the University of Pittsburgh, helping pay his way by working at the Frick Fine Arts library. He received a Bachelor of Arts degree in economics and graduated with honors. He also began small scale investing in various markets during college.{{cite web|title=David Tepper's Bio, Quotes, Videos, Recent Buys, News – Resource Page|url=http://www.valuewalk.com/david-teppers-bio-quotes-videos-recent-buys-news-resource-page/|access-date=October 22, 2013}} His first two investments, given to him by his father, were Pennsylvania Engineering Co. and Career Academies. Both companies went bankrupt.

After graduation he entered the finance industry, working for Equibank as a credit analyst in the treasury department. In 1980, unsatisfied with this position, he enrolled at Carnegie Mellon University's business school to pursue its then-equivalent of an MBA, a Master of Science in Industrial Administration (MSIA).

Business career

= Republic and Keystone =

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.{{cite web | last = Fridson | first = Martin | title = Too Many Dollars? | work = “Distressed Debt Investor” Article | publisher = Fridson Vision LLC | date = March 2, 2006 | url = http://www.fridsonvision.com/sample/DDI_030204.pdf | access-date = August 17, 2006 | url-status = dead | archive-url = https://web.archive.org/web/20061016045958/http://www.fridsonvision.com/sample/DDI_030204.pdf | archive-date = October 16, 2006 }} Tepper “keeps the market on edge” {{cite web|title=Turning Heads on Wall Street |work=(Reprint of Article. The Wall Street Journal) |publisher=Carnegie Mellon University |date=April 14, 2004 |url=http://wpweb2.tepper.cmu.edu/magazine/pdfs/winter04.pdf |access-date=August 17, 2006 |archive-url=https://web.archive.org/web/20060628202202/http://wpweb2.tepper.cmu.edu/magazine/pdfs/winter04.pdf |archive-date=June 28, 2006 |url-status=dead }} 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.{{Citation |url=https://www.wsj.com/articles/SB126135805328299533 |title=Fund Boss Made $7 Billion in the Panic |date=December 21, 2009 |newspaper=The Wall Street Journal |last=Zuckerman |first=Gregory |access-date=August 12, 2017 |archive-date=August 12, 2017 |archive-url=https://web.archive.org/web/20170812133847/https://www.wsj.com/articles/SB126135805328299533 |url-status=live }} $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.{{cite news | url=https://www.nytimes.com/2010/04/01/business/01hedge.html | work=The New York Times | title=Pay of Hedge Fund Managers Roared Back Last Year | first1=Nelson D. | last1=Schwartz | first2=Louise | last2=Story | date=March 31, 2010 | access-date=February 24, 2017 | archive-date=June 30, 2012 | archive-url=https://web.archive.org/web/20120630095938/http://www.nytimes.com/2010/04/01/business/01hedge.html | url-status=live }}

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.”

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.[https://www.forbes.com/profile/david-tepper/ Forbes The World's Billionaires: David Tepper] {{webarchive |url=https://web.archive.org/web/20161228135009/http://www.forbes.com/profile/david-tepper/ |date=December 28, 2016 }} March 2014

Forbes listed Tepper as one of the 25 highest-earning hedge fund managers in 2013 and 2016.{{Citation |url=https://www.forbes.com/sites/nathanvardi/2014/02/26/the-highest-earning-hedge-fund-managers-and-traders/ |title=The 25 Highest-Earning Hedge Fund Managers And Traders |date=February 26, 2014 |magazine=Forbes |last=Vardi |first=Nathan |access-date=August 26, 2017 |archive-date=July 29, 2017 |archive-url=https://web.archive.org/web/20170729085722/https://www.forbes.com/sites/nathanvardi/2014/02/26/the-highest-earning-hedge-fund-managers-and-traders/ |url-status=live }}{{Cite news|url=https://www.forbes.com/sites/nathanvardi/2017/03/14/hedge-fund-managers/#6e7c737d6e79|title=The 25 Highest-Earning Hedge Fund Managers And Traders|last=Vardi|first=Nathan|work=Forbes|access-date=April 12, 2017|archive-date=April 12, 2017|archive-url=https://web.archive.org/web/20170412144708/https://www.forbes.com/sites/nathanvardi/2017/03/14/hedge-fund-managers/#6e7c737d6e79|url-status=live}}

According to Forbes, Tepper has a net worth of $16.7 billion, as of 2022.{{Cite web |date=August 10, 2022 |title=Broncos sport NFL's richest, most diverse ownership group |url=https://apnews.com/article/denver-broncos-nfl-sports-pat-bowlen-rob-walton-8852a003be606e308be12ec9884f9350 |access-date=January 19, 2023 |website=AP NEWS |language=en}} The Bloomberg Billionaires Index ranked him as the wealthiest person in New Jersey.{{cite news|url=https://www.bloomberg.com/news/articles/2016-04-05/tepper-s-move-may-affect-new-jersey-budget-forecaster-warns|title=Tepper's Move May Affect New Jersey Budget, Forecaster Warns – Bloomberg|website=Bloomberg News |date=April 5, 2016 |access-date=April 5, 2016|url-status=live|archive-url=https://web.archive.org/web/20161227145703/https://www.bloomberg.com/news/articles/2016-04-05/tepper-s-move-may-affect-new-jersey-budget-forecaster-warns|archive-date=December 27, 2016}}

As per Forbes list of The Richest People In The World, dated 8 MARCH 2024, David Tepper ranked #94 with a net worth of $20.6 Billion.{{Cite web |title=The Richest People In The World |website=Forbes |url=https://www.forbes.com/billionaires/}}

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.”https://www.cnbc.com/video/2018/05/22/david-teppers-emotional-commencement-speech-to-carnegie-mellon.htmls-cheap-as-a-year-ago.html{{Dead link|date=July 2019 |bot=InternetArchiveBot |fix-attempted=yes }}

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.{{Citation|last=Pressler|first=Jessica|title=Hedge-Fund Manager David Tepper Has a Pair of Brass Balls|date=December 21, 2009|url=https://nymag.com/daily/intelligencer/2009/12/david_tepper_made_7_billion_do.html|magazine=The New Yorker|access-date=February 18, 2020|archive-date=October 6, 2018|archive-url=https://web.archive.org/web/20181006234926/http://nymag.com/daily/intelligencer/2009/12/david_tepper_made_7_billion_do.html|url-status=live}}

In 2020, the largest parts of his portfolio are Alibaba with 13% and Amazon with 11%.{{Cite web|title=David Tepper Portfolio / Appaloosa LP Holdings|url=https://cheaperthanguru.com/portfolio/david-tepper?order=value|access-date=November 9, 2020|website=cheaperthanguru.com}}

Professional sports

=Pittsburgh Steelers=

On September 25, 2009, Tepper purchased a 5% stake in the National Football League's (NFL) Pittsburgh Steelers.{{Citation |url=http://www.post-gazette.com/pg/09267/1000588-100.stm |title=Steelers close deal to add new owners |date=September 24, 2009 |first=Ed |last=Bouchette |newspaper=Pittsburgh Post-Gazette |access-date=December 21, 2009 |archive-date=September 28, 2009 |archive-url=https://web.archive.org/web/20090928215803/http://www.post-gazette.com/pg/09267/1000588-100.stm |url-status=live }}{{cite web|title=New Book Reveals The Cool Childhood Of Hedge Fund God David Tepper|url=http://www.businessinsider.com/david-tepper-childhood-2012-5#an-avid-sports-fan-tepper-could-recite-every-major-league-baseball-players-statistics-from-memory-7|publisher=Business Insider|access-date=October 23, 2013|archive-date=October 29, 2013|archive-url=https://web.archive.org/web/20131029184341/http://www.businessinsider.com/david-tepper-childhood-2012-5#an-avid-sports-fan-tepper-could-recite-every-major-league-baseball-players-statistics-from-memory-7|url-status=live}}

=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).{{Cite news|url=http://www.wbng.com/story/38184263/report-david-tepper-purchases-carolina-panthers|title=REPORT: David Tepper purchases Carolina Panthers|last=Feldman|first=Tyler|access-date=May 15, 2018|language=en|archive-date=May 15, 2018|archive-url=https://web.archive.org/web/20180515183740/http://www.wbng.com/story/38184263/report-david-tepper-purchases-carolina-panthers|url-status=live}}{{Cite web|url=https://www.msn.com/en-us/sports/nfl/david-tepper-finalizes-deal-to-buy-panthers-report-says/ar-AAxgKzu?OCID=ansmsnnews11|title=David Tepper finalizes deal to buy Panthers, report says|website=www.msn.com|language=en-US|access-date=May 15, 2018|archive-url=https://web.archive.org/web/20180515112357/https://www.msn.com/en-us/sports/nfl/david-tepper-finalizes-deal-to-buy-panthers-report-says/ar-AAxgKzu?OCID=ansmsnnews11|archive-date=May 15, 2018|url-status=dead}} 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.{{cite web|url=https://pantherswire.usatoday.com/2018/05/14/report-david-tepper-wants-to-keep-the-panthers-in-charlotte/|title=Report: David Tepper wants to keep the Panthers in Charlotte|date=May 14, 2018|website=usatoday.com|access-date=January 3, 2019|archive-date=October 19, 2018|archive-url=https://web.archive.org/web/20181019164054/https://pantherswire.usatoday.com/2018/05/14/report-david-tepper-wants-to-keep-the-panthers-in-charlotte/|url-status=live}}

Since buying the Panthers in 2018, they have compiled a 36–80 record and 7 head coaches in that span.{{Cite web |date=November 19, 2023 |title=Panthers guaranteed another losing season under David Tepper |url=https://www.wcnc.com/article/sports/nfl/panthers/carolina-panthers-sixth-straight-losing-season-david-tepper-ownership/275-306bf5e2-b9ff-41d5-9432-ec3d3cb956a8 |access-date=November 29, 2023 |website=wcnc.com |language=en-US}} Tepper has been described as one of the NFL's worst owners, with the Panthers going into a downturn since his ownership began.{{cite web |last1=Young |first1=Shaliese |title=Tempest Tepper has blown through Carolina again, and the only thing he's winning is a title he doesn't want |url=https://sports.yahoo.com/tempest-tepper-has-blown-through-carolina-again-and-the-only-thing-hes-winning-is-a-title-he-doesnt-want-185559977.html |website=Yahoo |date=November 27, 2023 |access-date=December 17, 2023}}

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.{{cite news |last1=Person |first1=Joseph |last2=Kaplan |first2=Daniel |title=Panthers' David Tepper puts real estate arm into bankruptcy over Rock Hill project |url=https://theathletic.com/3345348/2022/06/01/panthers-david-tepper-rock-hill-bankruptcy/ |website=The Athletic |publisher=New York Times Company}}{{cite web |last1=Lee |first1=Hank |last2=Wilson |first2=Lexi |title=Failed Panthers HQ in Rock Hill demolished |url=https://www.wcnc.com/article/sports/nfl/panthers/carolina-panthers-failed-training-camp-team-headquarters-demolition-york-county-south-carolina-rock-hill/275-0b8cd8e7-5ae2-4f1b-9887-63fc5b843f17 |website=WCNC.com |date=July 24, 2023 |publisher=Tegna Inc. |access-date=December 17, 2023}}

On November 26, 2023, after the Panthers lost their game against the Tennessee Titans in Nashville, Tepper gained minor attention after he was heard shouting the word "fuck" as he left the Carolina locker room. The next day, he fired head coach Frank Reich after a 1–10 start to the season.{{cite web |url=https://www.wcnc.com/article/sports/nfl/panthers/david-tepper-drops-f-bomb-after-panthers-latest-loss-to-titans-carolina-panthers/275-182c125b-16c5-465f-ad59-fd67f4c5b624 |title=David Tepper drops F-bomb after Panthers' latest loss to Titans |access-date=September 19, 2024 |date=November 27, 2023 |first=Nathaniel |last=Puente}}{{cite web |url=https://www.espn.com/nfl/story/_/id/38991151/carolina-panthers-fire-head-coach-frank-reich |title=Carolina Panthers fire head coach Frank Reich |date=November 27, 2023 |access-date=September 19, 2024 |website=ESPN |first=David |last=Newton}}

On December 31, 2023, Tepper threw a drink at a fan during the Panthers' game against the Jacksonville Jaguars. The NFL fined him $300,000 for the incident.{{cite web|last1=Newton|first1=David|title=Panthers' David Tepper fined $300K for tossing drink at fans |url=https://www.espn.com/nfl/story/_/id/39230644/panthers-david-tepper-fined-300k-tossing-drink-fans |website=ESPN|access-date=January 2, 2024|date=January 2, 2024}}

=Charlotte FC=

Upon closing the Panthers purchase in 2018, Tepper suggested his desire to bring a Major League Soccer (MLS) franchise to Charlotte.{{cite news |last=Rodrigue |first=Jourdan |date=July 11, 2018 |title=New Panthers stadium? Practice facility? David Tepper makes it clear change is coming |page=B1 |url=https://www.charlotteobserver.com/sports/nfl/carolina-panthers/article214622600.html |work=The Charlotte Observer |access-date=December 17, 2019 |archive-date=December 18, 2019 |archive-url=https://web.archive.org/web/20191218004057/https://www.charlotteobserver.com/sports/nfl/carolina-panthers/article214622600.html |url-status=live }} The Panthers organization placed a bid for an expansion team in July 2019 and were awarded the 30th MLS team on December 17, 2019.{{cite news |last1=Peralta |first1=Katherine |last2=Marks |first2=Brendan |date=July 9, 2019 |title=David Tepper's push to woo MLS to Charlotte: 'This is now beyond talk. This is action' |url=https://www.charlotteobserver.com/news/business/article232256247.html |work=The Charlotte Observer |access-date=December 17, 2019 |archive-date=January 18, 2020 |archive-url=https://web.archive.org/web/20200118022816/https://www.charlotteobserver.com/news/business/article232256247.html |url-status=live }} Charlotte FC was awarded to Tepper on December 17, 2019, and began play in 2022 at Bank of America Stadium.{{cite news |last1=Smoot |first1=Hannah |last2=Kuznitz |first2=Alison |last3=Getzenberg |first3=Alaina |last4=Fowler |first4=Scott |date=December 17, 2019 |title=MLS launches new sports era in Charlotte as city, Tepper land soccer expansion team |url=https://www.charlotteobserver.com/sports/article238363253.html |work=The Charlotte Observer |access-date=December 17, 2019 |archive-date=December 18, 2019 |archive-url=https://web.archive.org/web/20191218142942/https://www.charlotteobserver.com/sports/article238363253.html |url-status=live }} Tepper reportedly paid $325 million in expansion fees for the franchise, setting an MLS record.{{cite news |last=Newton |first=David |date=December 16, 2019 |title=Sources: Charlotte to become MLS' 30th franchise for record $325 million |url=https://www.espn.com/soccer/major-league-soccer/story/4014801/sources-charlotte-to-become-mls-30th-franchise-for-record-$325-million |work=ESPN |access-date=December 17, 2019 |archive-date=December 16, 2019 |archive-url=https://web.archive.org/web/20191216205602/https://www.espn.com/soccer/major-league-soccer/story/4014801/sources-charlotte-to-become-mls-30th-franchise-for-record-$325-million |url-status=live }}

Political activities

Tepper and his wife contributed $20,800 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."Jersey Journal October 24, 2012, Mayoral candidate Fulop is far ahead of Mayor Healy in fundraising [https://web.archive.org/web/20121027015949/http://www.nj.com/jjournal-news/index.ssf/2012/10/ersey_city_mayoral_candidate_f.html] Fulop's former campaign manager Shelley Skinner[https://archive.today/20130411181008/http://www.politickernj.com/matt-friedman/27117/fulop-run-independent Politicker NJ February 4, 2009 "Fulop To Run As Independent"] became the deputy director of Tepper's nonprofit Better Education for Kids.Better Education 4 NJ Kids' website {{cite web|url=http://b4njkids.org/go.cfm?do%3DPage.View%26pid%3D21|title=Shelley Skinner – b4njkids.org|access-date=February 22, 2013|url-status=dead|archive-url=https://web.archive.org/web/20161201040619/http://b4njkids.org/go.cfm?do=Page.View&pid=21|archive-date=December 1, 2016}}

In 2015, Tepper donated to both U.S. Senator Chuck 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.{{Cite news|url=https://www.washingtonpost.com/sports/david-tepper-is-buying-the-carolina-panthers-hes-nothing-like-an-nfl-owner/2018/06/01/d67fc200-6434-11e8-99d2-0d678ec08c2f_story.html|title=David Tepper is buying the Carolina Panthers. He's nothing like an NFL owner.|first=Kent|last=Babb|newspaper=Washington Post|date=June 1, 2018|access-date=July 25, 2018|archive-date=July 31, 2018|archive-url=https://web.archive.org/web/20180731041436/https://www.washingtonpost.com/sports/david-tepper-is-buying-the-carolina-panthers-hes-nothing-like-an-nfl-owner/2018/06/01/d67fc200-6434-11e8-99d2-0d678ec08c2f_story.html|url-status=live}} Tepper supported the Jeb Bush 2016 presidential campaign.{{cite news|url=http://www.northjersey.com/news/new-jersey-s-wealthiest-donor-leaves-christie-for-jeb-bush-1.1393181|title=New Jersey's wealthiest donor leaves Christie for Jeb Bush - News - NorthJersey.com|newspaper=Northjersey.com |access-date=August 16, 2015|url-status=live|archive-url=https://web.archive.org/web/20160424141727/http://www.northjersey.com/news/new-jersey-s-wealthiest-donor-leaves-christie-for-jeb-bush-1.1393181|archive-date=April 24, 2016}}

Philanthropy

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).{{cite news

|last = Bradshaw

|first = Della

|title = Dean profiles Working for $1 a year

|work = Business Schools Ranking

|publisher = Financial Times

|date = May 17, 2004

|url = http://news.ft.com/cms/s/ad892d78-0264-11d9-be60-00000e2511c8,dwp_uuid=87d49024-21b2-11d8-81c6-0820abe49a01.html

|access-date = August 17, 2006

|archive-url = https://web.archive.org/web/20060106145808/http://news.ft.com/cms/s/ad892d78-0264-11d9-be60-00000e2511c8,dwp_uuid=87d49024-21b2-11d8-81c6-0820abe49a01.html

|archive-date = January 6, 2006

|url-status = dead

}} 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.{{cite news

| title = But can you teach it?

| work = Special Report – Business schools

| publisher = The Economist

| date = May 20, 2004

| url = http://www.economist.com/business/globalexecutive/education/displayStory.cfm?story_id=2685892

| access-date = August 17, 2006

| archive-date = August 11, 2006

| archive-url = https://web.archive.org/web/20060811055148/http://www.economist.com/business/globalexecutive/education/displayStory.cfm?story_id=2685892

| url-status = live

}} 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.[http://www.cmu.edu/homepage/society/2013/fall/visionary-beginnings.shtml Retrieved November 15, 2013.] {{webarchive |url=https://web.archive.org/web/20160320065709/http://www.cmu.edu/homepage/society/2013/fall/visionary-beginnings.shtml |date=March 20, 2016 }}

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.{{cite news | url=http://www.chronicle.pitt.edu/story/pitt-induct-six-donors-cathedral-learning-society | title=Pitt to Induct Six Donors Into Cathedral Of Learning Society | publisher=University of Pittsburgh | date=June 23, 2008 | newspaper=Pitt Chronicle | location=Pittsburgh, PA | access-date=November 2, 2013 | archive-date=November 3, 2013 | archive-url=https://web.archive.org/web/20131103203322/http://www.chronicle.pitt.edu/story/pitt-induct-six-donors-cathedral-learning-society | url-status=live }} Tepper and wife Marlene have pledged $3.4 million to Rutgers University – Mason Gross School of the Arts, the alma mater of his wife.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.

In 2006, Tepper donated $1 million to United Jewish Communities of MetroWest New Jersey toward their Israel Emergency Campaign.[http://njjewishnews.com/njjn.com/090706/mwSevenFigureDonation.html New Jersey Jewish News: "Seven-figure donation fuels emergency campaign:] {{webarchive |url=https://web.archive.org/web/20160507113837/http://njjewishnews.com/njjn.com/090706/mwSevenFigureDonation.html |date=May 7, 2016 }} September 7, 2006

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."{{cite web |author=Jerry McCrea/The Star-Ledger |url=http://www.nj.com/news/index.ssf/2011/06/nj_hedge_fund_leaders_create_g.html |title=N.J. hedge fund leaders create group to financially back education reforms supported by Gov. Christie |publisher=NJ.com |date=June 24, 2011 |access-date=May 9, 2014 |archive-date=May 12, 2014 |archive-url=https://web.archive.org/web/20140512234735/http://www.nj.com/news/index.ssf/2011/06/nj_hedge_fund_leaders_create_g.html |url-status=live }}

After Hurricane Sandy, David Tepper donated $200,000 in gift cards to Jersey City and Hoboken families who suffered loss in the storm.{{cite web |author=Star-Ledger photo |url=http://www.nj.com/hudson/voices/index.ssf/2013/01/tepper_gift_card_effort_was_la.html |title=Tepper gift card effort was laudable, writes Jersey City resident |publisher=NJ.com |date=January 21, 2013 |access-date=May 9, 2014 |archive-date=December 30, 2014 |archive-url=https://web.archive.org/web/20141230071528/http://www.nj.com/hudson/voices/index.ssf/2013/01/tepper_gift_card_effort_was_la.html |url-status=live }}{{cite web |url=http://www.nj.com/hobokennow/index.ssf/2013/01/david_tepper_gets_two_thumbs_u.html |title=Billionaire Tepper's gift card giveaway gets thumbs-up from Hoboken Housing Authority chief |publisher=NJ.com |date=January 8, 2013 |access-date=May 9, 2014 |archive-date=May 12, 2014 |archive-url=https://web.archive.org/web/20140512212910/http://www.nj.com/hobokennow/index.ssf/2013/01/david_tepper_gets_two_thumbs_u.html |url-status=live }}{{cite web |author=Jersey Journal file photo |url=http://www.nj.com/jjournal-news/index.ssf/2012/12/2_jerzey_city_councilwomen_bla.html |title=2 Jersey City councilwomen blast billionaire's gift card giveaway as disorganized, hurtful |publisher=NJ.com |date=December 22, 2012 |access-date=May 9, 2014 |archive-date=May 12, 2014 |archive-url=https://web.archive.org/web/20140512214700/http://www.nj.com/jjournal-news/index.ssf/2012/12/2_jerzey_city_councilwomen_bla.html |url-status=live }}

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.{{cite web|url=http://web.tepper.cmu.edu/tepper/about.aspx|title=About David Tepper|publisher=David Tepper School of Business at Carnegie Mellon|access-date=December 22, 2009|url-status=dead|archive-url=https://web.archive.org/web/20091225122220/http://web.tepper.cmu.edu/tepper/about.aspx|archive-date=December 25, 2009}}

In 2018, Tepper was the keynote speaker at Carnegie Mellon University's 121st Commencement and was awarded an honorary doctorate degree.{{Cite web|url=https://www.cmu.edu/leadership/president/campus-comms/2018/2018-03-29.html|title=Commencement Speakers and Honorary Degree Recipients – Leadership|publisher=Carnegie Mellon University|website=www.cmu.edu|language=en|access-date=September 21, 2018|archive-date=March 29, 2019|archive-url=https://web.archive.org/web/20190329195126/https://www.cmu.edu/leadership/president/campus-comms/2018/2018-03-29.html|url-status=live}}

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.{{Cite news|url=https://nationalpost.com/pmn/sports-pmn/bears-donate-250k-to-chicagos-coronavirus-relief-efforts|title=Bears donate $250K to Chicago's coronavirus relief efforts {{!}} National Post|newspaper=National Post |date=March 21, 2020|language=en-CA|access-date=April 18, 2020}} In April 2020, Tepper's cumulative donations toward COVID-19 relief efforts exceeded $22 million.{{Cite web|title=Hedge Fund Billionaire David Tepper On Coronavirus Donations: 'People Have To Step Up If They Have The Ability'|url=https://www.forbes.com/sites/hayleycuccinello/2020/04/17/david-tepper-covid-19-philanthropy/|last=Cuccinello|first=Hayley C.|website=Forbes|language=en|access-date=May 16, 2020|archive-date=May 9, 2020|archive-url=https://web.archive.org/web/20200509144924/https://www.forbes.com/sites/hayleycuccinello/2020/04/17/david-tepper-covid-19-philanthropy/|url-status=live}}

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.{{Cite web |last=Rizzuti |first=Anthony |date=September 2, 2021 |title=Panthers announce relief efforts towards Hurricane Ida recovery |url=https://pantherswire.usatoday.com/2021/09/02/panthers-saints-relief-hurricane-ida-recovery/ |access-date=September 14, 2021 |website=Panthers Wire|publisher=USA Today |language=en-US}}

Personal life

In 1986, he married Marlene Resnick Tepper;{{cite news|url=https://www.independent.co.uk/news/world/americas/25bn-pay-packet-for-fund-manager-1847227.html|title=$2.5bn pay packet for fund manager|last=Foley|first=Stephen|date=December 22, 2009|work=The Independent|access-date=December 22, 2009|archive-date=December 23, 2009|archive-url=https://web.archive.org/web/20091223032818/http://www.independent.co.uk/news/world/americas/25bn-pay-packet-for-fund-manager-1847227.html|url-status=live}} they have three children. In 2016, he and his wife divorced.{{cite news |title=Panthers Owner David Tepper |url=https://www.nj.com/giants/2020/07/panthers-owner-david-tepper-billionaire-with-nj-roots-donates-more-than-500k-to-university-of-south-carolina.html |agency=www.nj.com |access-date=July 20, 2020 |archive-date=July 16, 2020 |archive-url=https://web.archive.org/web/20200716100806/https://www.nj.com/giants/2020/07/panthers-owner-david-tepper-billionaire-with-nj-roots-donates-more-than-500k-to-university-of-south-carolina.html |url-status=live }} In 2019, he married Nicole Bronish.

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.” According 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.” He then built a house nearly twice as big on the same property.{{Cite web |last=Goldman |first=Jeff |date=September 25, 2015 |title=N.J.'s richest man razes Corzine's ex-wife's mansion, builds bigger mansion |url=http://www.nj.com/essex/index.ssf/2015/09/njs_richest_man_razes_corzines_ex-wifes_mansion_builds_bigger_mansion.html |url-status=live |archive-url=https://web.archive.org/web/20181206182628/https://www.nj.com/essex/index.ssf/2015/09/njs_richest_man_razes_corzines_ex-wifes_mansion_builds_bigger_mansion.html |archive-date=December 6, 2018 |access-date=January 3, 2019 |website=NJ.com}} He had bought the property from the ex-wife of his former boss.{{cite web|url=https://www.telegraph.co.uk/news/worldnews/northamerica/usa/11886753/American-billionaire-builds-Hamptons-mansion-on-land-bought-from-boss-who-snubbed-him.html|title=American billionaire builds Hamptons mansion on land bought from boss who snubbed him|first=Ruth|last=Sherlock|date=September 23, 2015|access-date=January 3, 2019|via=www.telegraph.co.uk|archive-date=December 6, 2018|archive-url=https://web.archive.org/web/20181206182625/https://www.telegraph.co.uk/news/worldnews/northamerica/usa/11886753/American-billionaire-builds-Hamptons-mansion-on-land-bought-from-boss-who-snubbed-him.html|url-status=live}}

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.”

In 2016, he relocated his company to Miami Beach, Florida.{{Cite web |last=Frank |first=Robert |date=April 6, 2016 |title=Billionaire to save hundreds of millions from Florida move |url=https://www.cnbc.com/2016/04/06/billionaire-to-save-hundreds-of-millions-from-florida-move.html |url-status=live |archive-url=https://web.archive.org/web/20161228223240/http://www.cnbc.com/2016/04/06/billionaire-to-save-hundreds-of-millions-from-florida-move.html |archive-date=December 28, 2016 |access-date=July 16, 2016 |website=CNBC}} 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.

{{cite news |url=https://www.nytimes.com/2016/05/01/business/one-top-taxpayer-moved-and-new-jersey-shuddered.html |title=One Top Taxpayer Moved, and New Jersey Shuddered |website=The New York Times |date=April 30, 2016 |access-date=December 6, 2018 |archive-date=December 5, 2018 |archive-url=https://web.archive.org/web/20181205235242/https://www.nytimes.com/2016/05/01/business/one-top-taxpayer-moved-and-new-jersey-shuddered.html |url-status=live |last1=Frank |first1=Robert }}

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.{{Cite news |last1=Burton |first1=Katherine |last2=Weiss |first2=Miles |date=September 30, 2020 |title=Billionaire Returns to High-Tax New Jersey to Face $120 Million Tab |url=https://www.bloomberg.com/news/articles/2020-09-30/tepper-returns-to-high-tax-new-jersey-to-face-120-million-tab |url-status=live |archive-url=https://web.archive.org/web/20201009180741/https://www.bloomberg.com/news/articles/2020-09-30/tepper-returns-to-high-tax-new-jersey-to-face-120-million-tab |archive-date=October 9, 2020 |access-date=October 8, 2020 |work=Bloomberg.com |language=en}}

References

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}}

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External links

[http://www.gurufocus.com/news.php?id=118127 Named Investment Guru of 2010]
[http://www.gurufocus.com/holdings.php?GuruName=David+Tepper David Tepper Portfolio] with [http://www.gurufocus.com/StockBuy.php?GuruName=David+Tepper stock Picks]
[https://web.archive.org/web/20100221162605/http://fundville.com/fund/108/APPALOOSA-MANAGEMENT-LP David Tepper's Appaloosa Stock Portfolio, updated quarterly]
[https://web.archive.org/web/20100607131437/http://tepper.cmu.edu/about-tepper/history/school-namingabout-david-tepper/index.aspx Tepper school official website]
[https://web.archive.org/web/20100814132714/http://www.atrader.com/manager-profile/16-david-tepper-hedge-fund-manager-appaloosa-management "David Tepper Hedge Fund Manager Appaloosa Management,"] aTrader, May 4, 2010
[https://web.archive.org/web/20091225202808/http://www.pittsburghlive.com/x/pittsburghtrib/business/s_658849.html "Investor David Tepper goes where others don't dare"], Pittsburgh Tribune-Review, December 22, 2009
[https://nymag.com/news/features/establishments/68513/ "Ready to be Rich,"] (September 26, 2010, profile in New York Magazine)
[https://www.wsj.com/articles/SB126135805328299533 "Fund Boss Made $7 Billion in the Panic"], The Wall Street Journal, December 23, 2009