Appaloosa Management is a multi-billion dollar hedge fund set up by the billionaire David Tepper in 1993. Before setting up his hedge fund, Mr. Tepper worked in the finance industry including the investment bank Goldman Sachs. His friction with bosses at Goldman started him on his journey to become a billionaire, and he set up Appaloosa after an investment from his peer junk bond trader Jack Walton. The two became partners for the hedge fund that started trading in distressed debt. As of November 2023, Mr. Tepper's net worth is $20.6 billion, and he is a rare hedge fund boss who also owns not one, but two sports teams. Becoming a billionaire is no easy feat even in the hedge fund industry, and some of Mr. Tepper's most famous bets that have made him rich include betting on a General Motors supplier that had gone bankrupt, distressed sectors such as banks and mortgage backed securities during the period surrounding the financial crisis of 2008, and big stakes in mega cap technology stocks such as Apple Inc. (NASDAQ:AAPL) at the turn of 2013 before the stocks took off.
