What is David Tepper's net worth?
Tepper built his fortune as a hedge fund manager
Billionaire hedge fund magnate David Tepper upended the NFL’s ownership landscape when he bought the Carolina Panthers in 2018.
Tepper paid at least $2.2 billion to acquire the Panthers from previous owner Jerry Richardson in 2018. The deal set an NFL record for most money ever paid for a team and established Tepper as the league’s wealthiest owner.
Tepper’s deep pockets played a key role in the Panthers’ search for a new head coach following the 2020 NFL season. He hired Matt Rhule, then head coach at Baylor University, to a seven-year deal worth as much as $70 million – far more money than first-time coaches in the NFL typically receive.
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Carolina Panthers owner David Tepper arrives on the red carpet during the NFL Honors awards presentation at Adrienne Arsht Center. (Kirby Lee-USA TODAY Sports)
The Panthers are just one asset in Tepper’s massive investment portfolio. He has a personal net worth of $12 billion, according to Forbes.
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After starting his career at Goldman Sachs, Tepper founded his own hedge fund, Appaloosa Management, in 1993. In May 2019, Tepper converted his hedge fund to a “family office,” focused only on his own investments rather than those of clients, in order to focus his attention on running the Panthers. At the time, the fund managed about $13 billion in assets.
Prior to buying the Panthers, Tepper owned a minority stake in the Pittsburgh Steelers. But the NFL is just one sports league in which Tepper is active.
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Major League Soccer awarded its 30th franchise to the city of Charlotte in a bid led by Tepper. The Charlotte franchise is set to begin play at Bank of America Stadium, also home to the Panthers, in 2021.
Tepper committed to investing $425 million of his own money to launch the franchise, including a $350 million expansion fee paid to other MLS owners.