David Tepper

Distressed investing and Appaloosa

Tepper studied economics at the University of Pittsburgh and earned an MBA at Carnegie Mellon. He joined Republic Steel during a difficult period for the company, gaining hands-on experience with financing and restructuring before moving to a mutual fund focused on distressed businesses. ^[2]

That experience led Tepper to Goldman Sachs, where he rose to lead trading on the firm's junk-bond desk. After being passed over for partnership, he left and founded Appaloosa Management in 1993, concentrating on distressed and event-driven investments. ^[2][1]

Appaloosa became the main engine of Tepper's fortune, with successful investments across multiple market cycles. He later returned much of the firm's outside capital and shifted the portfolio increasingly toward his own money, while also acquiring the Carolina Panthers in 2018. ^[1]

That shift from managing substantial outside capital toward investing more of his own money changes how Appaloosa's scale should be read. Assets managed for clients were not Tepper's personal property; his wealth came from investment gains, management economics and the capital he ultimately retained, with the Panthers representing a later diversification of that accumulated fortune. ^[1]