David Alan Tepper is the founder and president of Appaloosa Management, a hedge fund known for its opportunistic distressed debt and equity investing. At its peak, Appaloosa managed over $20 billion, though Tepper has returned most outside capital and now primarily manages his own money.
Tepper grew up in Pittsburgh, graduated from the University of Pittsburgh, and earned his MBA from Carnegie Mellon University (whose business school now bears his name after a $67 million donation). He worked at Goldman Sachs before founding Appaloosa in 1993.
His most famous trade came in early 2009, when he invested heavily in distressed bank stocks during the financial crisis, generating approximately $7 billion in profits. In 2018, he purchased the Carolina Panthers NFL team for a then-record $2.275 billion. His net worth is estimated at approximately $20.6 billion. Tepper is known for his direct, often colourful communication style.
SEC 13F filings, Institutional Investor Rich List, Bloomberg
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Return | +18% | +16% | +14% |