Dan Price Net Worth

Written by Emilija - Reviewed by Ivana Business Leaders

4 min read
Net Worth $ 13,000,000
Real name Dan Price
Source of Wealth Founder, Owner and CEO of the card processing company Gravity Payments
Profession CEO
Spouse/Partner /
Date of Birth May 13, 1984
Zodiac Taurus
Age 38
Gender Male
Pronoun He/Him
Height 179 cm / 5 ft 10 inch
Nationality American
Siblings Lucas Price

Summary

Dan Price is the former CEO of “Gravity Payments”- a credit card processing company. He became famous for increasing the minimum salary in his company to $70,000 by cutting his own $1.1 million salary to the same level.

The company was founded by Dan and his brother, who eventually parted ways after his brother sued him, claiming he used his majority control of the company to pay himself excessive compensation.

Although he is famous for being one of the “best bosses in America,” Price needed to step away from his position due to sexual assault allegations made against him.

His net worth is estimated at $13 million.

Early Life, Gravity Payments, and Lawsuits

Dan Price was born on May 13, 1984, in Lansing, Michigan, United States.

Raised in a Christian family, Dan was the fourth of six siblings and was homeschooled until 12.

During his teenage years, he had a guitar band called "Straightforword" and gigged at local cafes in Idaho, where he and his family lived. [1]

After hearing the cafe owner complain about the high processing fees they needed to pay, Price got the idea of forming his own credit card processing company.

Dan's father, Ron Price, was a business consultant, a public speaker, and an active participant in the credit card industry, which allowed Dan to gain firsthand experience.

With the knowledge accumulated from his dad, Dan helped Heather, the cafe's owner, get a better deal for the processing fees. Heather then spread the word about Price, referred a few businesses to him and the idea for the company became a reality.

In 2003 he moved to Seattle to enroll at Seattle Pacific University. A year later, along with his older brother Lucas Price who was 24, founded Price and Price LCC and later rebranded the company to Gravity Payments.

Dan Price graduated from university in 2008.

At the age of 19, Dan was already the CEO of Gravity Payments, and at the age of 21, he married Kristie Lewellyn, whom he later divorced.

At age 26, Dan had over 50 employees, was named SBA Young Entrepreneur of the Year, and was invited to meet President Obama at the White House.

He also won the Young Entrepreneur of the Year award given by GeekWire and was named Entrepreneur of the Year for 2014 by Entrepreneur magazine.

Besides being fairly successful in his work, Price didn’t hit the cover pages until he decided to raise the minimum salary in his company to $70 0000 and cut his own salary of 1.1 million dollars to the same amount.

His act was praised by many, especially his employees, and brought him to the attention of The New York Times, NBC News, and Fox News. [2]

He was named “Robin Hood” and “Moral CEO” and was given as an example every business owner should follow.

His social media accounts also skyrocketed, and his tweets were retweeted tremendously, which brought him even more exposure. Some of his tweets were shared more than 70,000 times.

Dan discovered that his idea for raising employees' salaries came after he read a Nobel Prize paper that discovered that employees' happiness rises proportionally with their wages; until it hits $75,000.000 a year.

However, as good as it sounds, his decision has also met some criticism.

While some employees' paychecks doubled, for some, this barely qualifies as an increase, and some quit because they didn't think everyone should receive the same raises. [3]

In 2015, before Dan decided to cut his own salary and raise everyone else’s, he was served with a lawsuit from his brother, who claimed that Dan used his position in the company to overpay himself.

This raised the question if the generous decision was only a publicity stunt.

Nevertheless, In 2016, the judge ruled in favor of Dan on all counts.[4]

Explore the net worth of Les Gold.

In 2022, Dan resigned as the CEO of Gravity Payments after abuse allegations. Namely, he was under investigation for the felony rape of a drugged victim.

In the same year, Price was charged with misdemeanor assault, misdemeanor assault with sexual motivation, and reckless driving.

Before this, in 2015, a Bloomberg story discovered that Price’s ex-wife alleged him of domestic violence in a TEDx talk at the University of Kentucky. [5]

According to HuffPost, Gravity Payments' average salary today is $103,000.[6]

Conclusion

Price gained popularity when he decided to lower his salary and make it equal to that of his employees to increase their minimum income to $70,000.00 per year.

In 2022, his brother sued him for overpaying himself, and he faced sexual assault allegations that forced him to resign as CEO.

His net worth is estimated at $13 million.

References

  1. Dan Price. (2022, September 04). Retrieved November 16, 2022, from https://en.wikipedia.org/wiki/Dan_Price#cite_note-psbj-2010-06-18

  2. Weise, K., & Author, S. (2015, December 01). The CEO paying everyone $70,000 salaries has something to hide. Retrieved November 16, 2022, from https://www.bloomberg.com/features/2015-gravity-ceo-dan-price/?leadSource=uverify+wall

  3. Reporter, D. (2015, August 02). CEO Dan Price who set his firm's minimum wage to $70k hits Hard Times . Retrieved November 16, 2022, from https://www.dailymail.co.uk/news/article-3182960/Seattle-CEO-set-firm-s-minimum-wage-70K-says-hit-hard-times.html

  4. Bishop, T. (2016, July 09). Dan Price, the '$70k CEO,' prevails in lawsuit filed by his brother and gravity payments co-owner. Retrieved November 16, 2022, from https://www.geekwire.com/2016/dan-price-70k-ceo-prevails-suit-filed-brother-gravity-payments-co-owner/

  5. Weise, K., & Author, S. (2015, December 01). The CEO paying everyone $70,000 salaries has something to hide. Retrieved November 16, 2022, from https://www.bloomberg.com/features/2015-gravity-ceo-dan-price/?leadSource=uverify+wall

  6. Hinsliff, G. (2018, May 22). This CEO took a pay cut to give employees $70,000 a year. now he's battling Amazon. Retrieved November 16, 2022, from https://www.huffpost.com/entry/dan-price-minimum-wage_n_5afd3d8ee4b06a3fb50dcf28