Who is David Tepper and what is his net worth 2018? One of the most eminent Hedge Fund managers, David Tepper lives in Miami Beach, US. He is the founder and President of Appaloosa Management Hedge Fund firm. His business acumen, in assessing high yielding financial avenues, helped gain high returns for his firm and Client investors.
David Tepper is a Hedge fund manager who has been listed in Forbes many times. David Tepper was born to Jewish couple Roberta Tepper and Harry Tepper on 11th September 1956. He has majored in Economics from the University of Pittsburgh. He worked in Frick Fine Arts Library to pay for his education himself.
Tepper sits on Advisers Board for Tepper School of Business at his alma mater Carnegie Mellow. He also is a member of various community and charitable organisations in the cities of New York and New Jersey. Tepper holds 5% stake in Pittsburgh Steelers.
He married Marlene Tepper in the year 1986. He is now divorced and lives in Miami Beach, Florida. He has three children Randi Tepper, Brian Tepper and Casey Tepper.
His first job was as a Credit Analyst in the Treasury Department of Equibank. He earned an MBA degree from Carnegie Mellon University around this time. He then joined the Republic Steel’s Treasury department in the year 1982.
He worked with Keystone Mutual funds now called Evergreen Funds in 1984. Later Goldman Sachs appointed him for a credit analyst position in New York. His stature in the organisation grew within six months. He was promoted to the position of Head Trader dealing with bankruptcies and special situations. He worked here for eight years until December 1992.
Utilizing his experience gained from Goldman Sachs, Tepper started his own firm Appaloosa Management in the year 1993. Tepper was able to earn 61% return on investment by 2001. His line of investment was distressed bonds. His returns were from companies like Standard & Poor, Conseco, MCI, Macroni and Mirant.
Tepper’s Company earned $7 billion buying and selling distressed financial stocks in 2009. This transaction, which included Bank of America stock, made him the top-earning hedge fund manager for that year. Presently Tepper is trading in Technology and healthcare stocks.
David Tepper’s firm won the Institutional Hedge Fund Firm of the year in 2009. Institutional Investor Alpha gave Tepper the rating of 1 for taking home the highest paycheck $2.2 billion in 2012.
Tepper’s achievements include featuring in the following Forbes lists
• Ranked 120 on the Global list of Billionaires (Rank 44 in the US) 2017
• Ranked 4th on the list of Highest earning Hedge fund Managers 2017
• Ranked 35 on the Forbes 400 list 2016
• Top Hedge fund earner 2012
David Tepper Net Worth
The net worth of David Tepper is $12.4 billion. His income is derived from his job as a Hedge fund manager in his firm Appaloosa Management Hedge funds.
Tepper is a Philanthropist. He has sponsored various programs in the field of Education.
Tepper sponsored about $125 million to his alma mater Carnegie Mellon University. This was for the creation of an Educational Institution called David Tepper Quandrangle and David A. Tepper School of Business.
Tepper has also donated for undergraduate scholarships and community outreach programs at the University of Pittsburgh. Tepper and his ex-wife Marlene have also paid up to $3.5 million for Rutgers University. He is also a member of the non-profit Better Education For Kids programme.
Tepper has donated gift cards to victims of Hurricane Sandy in Jersey City.