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United States David Tepper is a highly successful hedge fund manager and a significant presence in professional sports ownership, known for his incisive investment strategies and philanthropic efforts.
David Tepper is the President and Founder of Appaloosa Management, a global hedge fund established in 1993 focusing on fixed income markets, public equity, and distressed debt with around $17 billion under management, primarily his own capital. He moved the firm from New Jersey to Florida in 2016.
David Tepper bought the National Football League (NFL) team, the Carolina Panthers, in 2018 for $2.3 billion, which was the highest amount in NFL history at the time. This acquisition led him to sell his previous 5% stake in the Pittsburgh Steelers.
After acquiring the Carolina Panthers, David Tepper bid for and was awarded an expansion team in Major League Soccer (MLS), Charlotte FC, on December 17, 2019. The team began play in 2022.
David Tepper has made significant philanthropic contributions to Carnegie Mellon University, including a $55 million donation in 2004 that resulted in the Graduate School of Industrial Administration being renamed the David A. Tepper School of Business. In 2013, he gave an additional $67 million to develop the Tepper Quadrangle, bringing his total contributions to $125 million.
David Tepper has also made several large gifts to the University of Pittsburgh, his alma mater, including endowed undergraduate scholarships and support for academic centers and community outreach programs.
David Tepper and his wife Marlene pledged $3.4 million to Rutgers University – Mason Gross School of the Arts, which is his wife's alma mater.
In 2006, David Tepper donated $1 million to the Israel Emergency Campaign of United Jewish Communities of MetroWest New Jersey.
In March 2012, Tepper co-founded a political action group called Better Education For Kids with his former colleague, Alan Fournier. This group advocates for educational reforms, including charter schools, in New Jersey.
In April 2020, through the David A. Tepper Foundation, his cumulative donations for COVID-19 relief efforts exceeded $22 million. In September 2021, the Nicole & David Tepper Foundation and the David A. Tepper Charitable Foundation announced a $1 million donation to the Hurricane Ida relief effort.
Born on September 11, 1957, in Pittsburgh, Pennsylvania, David Alan Tepper began his career in finance after earning a Bachelor of Arts in economics from the University of Pittsburgh in 1978 and an MBA from Carnegie Mellon University in 1982. His early professional journey included roles at Equibank, Republic Steel, and Keystone Mutual Funds. Tepper then joined Goldman Sachs in 1985, where he quickly ascended to head trader in their high-yield group, specializing in distressed debt. He played a crucial role in Goldman Sachs’ recovery after the 1987 stock market crash by purchasing undervalued bonds. After being passed over for partner twice, he left Goldman Sachs in 1992 to establish his own firm.
In early 1993, Tepper founded Appaloosa Management, a global hedge fund that initially focused on distressed debt. The firm rapidly gained recognition for its impressive returns, generating a 61% return in 2001 and approximately $7 billion in 2009 by investing in distressed financial stocks during market downturns. This track record positioned him among the highest-earning hedge fund managers, with Forbes ranking him as the top earner in 2012. Appaloosa Management, which primarily manages Tepper’s personal capital, continues to invest in fixed-income markets and public equity, focusing on concentrated positions in distressed companies, fixed-income instruments, and derivatives. In 2016, Tepper relocated his firm from New Jersey to Florida.
Beyond finance, Tepper has made significant ventures into professional sports. In 2009, he acquired a 5% stake in the NFL’s Pittsburgh Steelers. In 2018, he purchased the Carolina Panthers NFL team for $2.3 billion, the highest amount in NFL history at the time, leading him to sell his Steelers shares. Following this, in 2019, he acquired Charlotte FC, an expansion team in Major League Soccer, further cementing his influence in the sports industry. Tepper is also a notable philanthropist, having donated substantial amounts to Carnegie Mellon University, including $67 million which led to the business school being named the David A. Tepper School of Business. He has also supported the University of Pittsburgh and various charitable initiatives.
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