What is Dan Price’s Net Worth?
|Net Worth:||$12 Million|
|Country:||United States of America|
|Born:||13 May 1984|
|Salary (Annual):||$70 Thousand|
Dan Price is an American entrepreneur who is the CEO of “Gravity Payments” and has a net worth of $12 million. Gravity Payments is a credit card processing company that he started from his SPU dorm room at the age of 19 years old.
In 2015, he gained worldwide attention for boosting his company’s minimum wage to $70,000 while also reducing his own income from $1.1 million to $70,000. Price even claimed that he rented his home to make ends meet after taking a $900,000 pay cut and raising his company’s basic wage to $70,000.
Unfortunately, his reputation was shattered when his ex-wife, Kristie, accused him of domestic abuse during their marriage. His brother also sued him for the oppression of minority shareholders. Though Price won over his brother and denied ever beating his wife.
But he was quickly followed by more felony and assault charges. Between 2013 and 2022, he has been accused of multiple physical and sexual assaults. Very recently, he resigned as CEO of Gravity Payments on August 17, 2022, after pleading not guilty in May 2022 to minor counts of assault and careless driving.
Daniel Joseph Price was born on 13 May 1984, in Michigan, United States. Ron Price, his father, worked as a self-employed consultant. He has three siblings: Lucas, Alex, and Jessie. His family moved to Idaho and Price was home-schooled till he was 12 years old.
Price grew up in a strict Christian family. He learned to play the bass guitar and founded “Straightforward,” a Christian rock trio that was popular enough to tour and receive national attention.
Price studied at Christian Seattle Pacific University in 2004 and earned multiple business awards after his graduation in 2008.
In 2001, Dan and his brother founded Gravity and hired their first employee in 2004. However, he had a falling out with his older brother years later. They both decided that Dan would take over as Gravity’s majority owner.
Price used his savings, credit card debt, and student loans to help finance the business. As Gravity developed its own technology and internalized the card-processing infrastructure, the business expanded quickly. But the company’s revenue decreased by 20% after the 2008 recession.
In 2012, he increased his employees’ salaries by 20% while increasing productivity from 30% to 40%. He increased his income by 20% the next year. Once again, the company generated a significant profit.
The company’s revenue in 2014 was $150 million, with $7 billion in customer transactions. The company also made $2.2 million in profit, with 40% going to Price and Lucas as dividends.
In 2015, he raised his company’s minimum wage to $70,000 while also reducing his income from $1.1 million to $70,000. He also raised the minimum pay for all ChargeItPro employees, a company bought by Gravity Payments in 2019.
Price’s wage increase sparked a reaction in early 2021, especially from Rush Limbaugh and several clients who accused him of socialism. In response, two Gravity Payments staff resigned in protest.
On August 17, 2022, Price resigned as Gravity Payments CEO, and Tammi Kroll, Gravity Payments’ chief operations officer, took over as CEO.
Lawsuit Against Price
In 2015, Price’s brother Lucas filed a lawsuit against him. Price was charged with overpaying himself and robbing shareholders of profits, according to the lawsuit. Dan Price was found not guilty on all counts by King County Superior Court Judge Theresa B. Doyle in 2016.
Price agreed to a book deal of $500,000 with Viking Press in 2015. Following news that his ex-wife had accused him of domestic violence in a December 2015 Bloomberg Businessweek article, Price lost both the book deal and his representation with the talent agency WME.
In April 2020, he self-published his debut book, Worth It. Price frequently posts liberal-leaning views on socioeconomic issues on social media. Some of his posts have gone viral as Internet memes. Mike Rosenberg, a former Seattle Times writer, ghost-wrote the majority of his posts.
Honors and Achievements
Price’s leadership and entrepreneurship have earned him numerous accolades and awards, including Entrepreneur Magazine’s Entrepreneur of the Year in 2014 and President Obama’s 2010 SBA National Young Entrepreneur of the Year. In 2013, he was also named GeekWire’s Young Entrepreneur of the Year.
Price married his high school girlfriend, Kristie Lewellyn, in 2007. They got divorced in 2012 because of irreconcilable disagreements. As per Netline, the couple married after Price’s strict Christian parents asked them to marry or break up. Price currently resides in Seattle, Washington’s Magnolia area.
Assault Case Against Ex-Wife
Kristie Colón, Dan Price’s ex-wife, said in 2015 that he threw, punched, slapped, body-slammed, and waterboarded her while they were married. The University of Kentucky removed the video of her talk as well as information about her from the TEDx event’s website.
Price’s attorneys informed the university that Colón’s remarks were defamatory. Colón issued a blog post in 2016 supporting her accusations but Price denied her allegations of abuse and stated that the events she recounted never occurred.
Arrests and Sexual Assaults
Price has been charged with physical and sexual assault on multiple occasions. In 2013, he went to an Irish pub in Seattle and sat at a table with strangers. After being asked to leave the bar, Price assaulted the manager. He was arrested and charged with assault by police, however, the charges were eventually dropped.
In April 2021, Price was investigated for the felony rape of a drugged victim. The case was later brought to local prosecutors by Palm Springs Police.
Price was once again charged with assault in February 2022 after a woman accused him of attempting to kiss her forcibly. Price’s attorney responded by denying the woman’s allegations. The accusation of sexual assault was eventually dismissed, and Price pled not guilty to the other two offenses.
How much is Dan Price really worth?
Price often stated that his lifestyle suffered as a result of his wage increase. Despite this, he owned many properties, including his primary residence in Seattle’s most prestigious area, Magnolia. A 3,400 square foot marvel with magnificent Puget Sound views and a large pool valued at $2 million.
He also owns a 36′ Cobalt boat. Reportedly, a comparable 2009 yacht was listed for sale in Seattle for well over $300,000.
Price told Inc. in a 2015 cover story interview that he sold all of his stocks, drained his retirement accounts, and mortgaged two houses he owned, including a $1.2 million home in Washington, raising $3 million for Gravity Payments.
Property records searches revealed that Price had not mortgaged his residences at the time, which he confirmed in a 2016 court declaration.
He also told the Today show that he only rents his home during the summer and that his decision was not based entirely on financial necessity.
Dan Price Net Worth
As of 2022, Dan Price’s net worth is estimated to be $12 million. The majority of his earnings come from his company Gravity Payments. From 2010 to 2015, Price earned a salary ranging from $700,000 USD to $1.1 million. Later, he took the decision to cut his pay to $70,000 USD per year in 2015.
Following the pay increase announcement, Price became a celebrity, appearing on multiple television and magazine cover stories and reportedly earning at least $10,000 every public speaking event.
His fortune appears to have dropped following several misdemeanor charges of assault and reckless driving, and he recently resigned as CEO of Gravity Payments on August 17, 2022.