11th Sep 57
Born in: United States
Marital status: Married
Hedge Fund Manager
Born David Alan Tepper has an estimated net worth of $10 billion as of April 2014 according to Forbes.
Turning headlights on himself by earning one of the biggest paycheck of all time, hedge fund distressed investor Mr. David Tepper joined the ranks of the richest people on the planet in 2009. His firm, Appaloosa Management earned an incredible $7 billion in profit alone with one third of the amount going to his own personal bank accounts. His performance on the market has made him as one of the iconic figures who have made a fortune out of the not so common distressed investing, which remains a topic of curiosity for the general public. Apart from the displaying essential attributes of a successful hedge fund manager, which include a photographic memory, excellent management skills and clear-headed leadership, David Tepper also demonstrated uncanny belief in his actions which often were unconventional.
Raised in Stanton Heights, Tepper worked his way through the college by working at the Frick Fine Arts Library. In 1980, he enrolled at the Carnegie Mellon University’s Master of Science in Industrial Administration (an early version of MBA). After earning his MBA, Tepper was recruited by Goldman Sachs in 1985. Not satisfied from a white collar job at the banking firm, in 1993, Tepper set out to start his own fund. That gave birth to Appaloosa Management, which later turned into a money-spinning machine for him.
Like many of his fellow billionaire friends, Mr Tepper has decided to share a part of his huge fortune for the betterment of others. He donated $55 million to his alma mater Carnegie Mellon Business School, which was duly renamed Tepper School of Business to honor one of its brightest product and also donated $7 million to various food banks. Hedge fund managers generally like to keep a low profile, but Tepper is keen on reversing the trend. He frequently appears in public press, sometimes over his business undertakings and at other times for more personal reasons like ravaging his $43 million, Hamptons Estate just to get a better view of the ocean. He lives with his three children and his wife, Marlene in Livingston, New Jersey. His current net worth stands at around $5 billion making him the 60th richest person on the planet.