Tepper Gifts Carnegie Mellon to Build New Business School Facility

November 20, 2013 Ruth Curtis In the News

 

David Tepper earned his MBA from Carnegie Mellon

David Tepper earned his MBA from Carnegie Mellon

David Tepper, founder of Appaloosa Capital Management, announced last week that he is donating $67 million to the Carnegie Mellon School of Business. The gift will be used to create the new home of the business school, the David A. Tepper Quadrangle.

“Carnegie Mellon has a long history of providing the world with innovative thinkers,” says Tepper, “and the establishment of a true hub for entrepreneurship will help create the next generation of global leaders.”

The latest contribution brings Tepper’s donations to the school, which is ranked 42 on the Forbes list of Best Colleges, to a generous $125 million. This number however represents just a small fraction of Tepper’s $7.9 billion personal worth.

With his latest donation Tepper joins a list of prominent personalities who have given back to the institutions that started them off on the road to their 10-digit fortunes. Michael Bloomberg, former New York City mayor donated $350 million to Johns Hopkins; Charles B. Johnson gave $250 million to his alma mater, Yale; and Stephen Ross, real estate developer, gifted $200 million to the University of Michigan.

Tepper grew up on Pittsburgh and attended the University of Pittsburgh, going on to get his graduate degree from Carnegie Mellon. Only a few years later Tepper launched his hedge fund, Appaloosa, based in Short Hills, New Jersey. The fund has over $18 million AUM.

Carnegie Mellon is not the only recipient of Tepper’s largesse: Teach of America and food banks in New Jersey have also benefited from the hedge fund manager’s generosity.

Carnegie Mellon, David Tepper, Pittsburgh,

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