David Tepper to Buy Panthers for Record $2.2 Billion Cash
CHARLOTTE, N.C. – David Tepper is no shrinking violet. He reportedly keeps a pair of brass testicles on his desk, a gift from a former employee. He is evidently not above expensive vendettas, buying a $50 million, 6,200 square foot, beach front Hamptons home owned by ex-boss’s wife, and then leveling it. Revenge, it’s been reported, for the boss having once denied Tepper a promotion.
And the day before the 2016 election, Tepper, a self-proclaimed independent, called into a cable TV news show and let ‘er rip about then-candidate Donald Trump’s supposed charity during, in particular, the aftermath of Superstorm Sandy. Tepper told the hosts, “I can’t help it. I can’t take it anymore. And when ya lie about that stuff, when ya lie about fundamental beliefs, listen, Trump masquerades as an angel of light. But he is the father of lies.”
Tepper puts his money where his mouth is. This fall, The David Tepper Charitable Foundation pledged $3 million to help hurricane relief efforts in Texas, Florida and Puerto Rico.
60-year-old Tepper, who’s been called the greatest hedge fund manager of his generation, founded Appaloosa Management in 1993. The company, with Tepper at the helm, made more than $7.5 billion after he invested heavily in the idea that the US government wouldn’t let big banks fail in the the financial meltdown that started in 2008.
Tepper’s parents raised him in Pittsburgh. He went to the University of Pittsburgh, and got his masters degree from Carnegie Mellon. He has donated more than $125 million to the school, including $55 million in 2004 to its business school, which is now named for him.
Tepper and his ex-wife have three kids. The family home was in Livingston, New Jersey. In 2016, Tepper moved his home and business to Miami, Florida, reportedly, because the state doesn’t tax personal income. The move, and Tepper’s lost taxes, impacted New Jersey’s budget.
Property records show he now owns a condo on Miami’s ritzy Ocean Drive. Tepper owns a five percent stake in the Pittsburgh Steelers, the team he grew up loving. He will have to sell the stake, which he purchased in 2009, to complete the Panthers transaction.
The spring owners’ meeting starts Monday in Atlanta, where a vote on the Tepper deal is expected. When the deal is done, it will effectively end Jerry Richardson’s 59 year connection to the league.