Dan Price’s net worth skyrocketed after he pulled a move that shocked everyone. Rarely do you read about a wealthy company founder and CEO sacrificing a significant portion of their compensation to increase employee pay.
Well, except it’s Dan Price. In 2015, Gravity Payments founder reduced his salary from nearly $1 million to $70,000.
Dan Price is a business administrator and entrepreneur whose most notable accomplishment is establishing and managing the payment processing firm Gravity Payments.
His forward-thinking business strategy and commitment to providing adequate compensation for his staff have garnered widespread acclaim. Join us as we discuss Dan Price: age, net worth, biography, height, weight, and wealth.
Early Life and Career
Dan Price was born in Michigan, United States, on May 13, 1984. His mother was a solo consultant, while his father, Ron Price, was a professional advisor. His three siblings are Lucas, Jessie, and Alex. He is the youngest of them all.
Dan is a native American of Caucasian ancestry. Before turning twelve, Dan attended homeschool in Southwest Idaho.
His family relocated to Idaho when he was a young child, and his upbringing was in a devoutly Christian household.
He attended homeschooling until the age of twelve. He learned how to play the bass guitar and later formed a Christian rock trio called “Straightforward.”
At 19, Price founded Gravity Payments in his college hostel room in 2004. Initially, the company operated as a modest credit card processing service, assisting various enterprises in accepting payments.
Price’s objective was to establish a company that provided transparent and equitable pricing while prioritizing the development of strong client relationships.
Gravity Payments continued to expand and received acclaim for its innovative approach to the payment processing industry while Price oversaw its development. Price made headlines in 2015 when he announced that the organization was transforming significantly.
He decided to increase the base compensation for all employees at Gravity Payments by more than twofold.
Price increased the minimum wage to improve the lives of his employees and his convictions regarding equitable compensation.
The move received its fair share of praise and criticism. This sparked a nationwide discourse concerning wage disparities and the measures businesses can undertake to rectify them.
Despite initial difficulties and objections, Price guided Gravity Payments to prosperity. Organizations admired the company’s dedication to equitable pricing and exceptional customer service.
Factors that resulted in acquiring new clients and establishing its standing within the sector. The media lavished Price with praise and attention for his bravery and devotion to his people.
His stance on wealth inequality and business led him to be a keynote speaker and was featured in several media publications.
He has been the subject of articles in Forbes and The New York Times, as well as appearances on TV programs.
Things took a turn when Price faced multiple counts of physical and sexual assault. In 2013, it’s alleged he entered an Irish pub in Seattle and conversed with strangers.
When instructed to vacate the establishment, Price assaulted the manager. He was arrested and charged with assault; however, the accusations were subsequently dismissed.
Professional Achievements
Dan oftenly played the bass guitar in high school at a coffee shop. Here, he overheard the owner lamenting the high cost of credit card processing.
Initially, he assisted his credit card industry-employed father. At that juncture, he ceased his musical endeavors and devoted his attention to establishing a credit card processing enterprise.
In 2001, Danny Price and his sibling Lucas established Gravity Payments. They made their initial employee hire three years later. Lucas Price provided the necessary funding as the company’s initial major shareholder.
The Price brothers also established Merchant Services in 2004. After his brother abruptly left, Dan assumed control of most of its activities. Dan utilized his emergency savings, student loans, and Mastercard debt to launch Gravity.
2006 marked Dan’s appointment as CEO of Gravity. The company expanded as Gravity after it made technological advancements due to its diligence.
Installation of the card-reading system was launched internally. In 2008, the organization faced a 20% decline in revenue.
His unexpected announcement in April 2015 was that he would increase all employees’ salaries. This included the lowest-paid aides, customer service representatives, and salespeople.
He raised the wages to $70,000 annually over the following three years, sparking international news coverage.
As a result, the organization’s revenue increased by 30 to 40%. One year later, he raised the pay rates by 20%.
His enterprise was an outright triumph, elevating him to the status of a mogul in the business world. He managed to accomplish this by treating his workers as a family and a business.
He did not anticipate receiving any favors or agreements from the government or having any connection with the government. He had the opportunity to excel in a profession that had been struggling for quite some time.
Senator Bernie Sanders wrote at a time when wealth and income disparities in the United States were enormous. He stated that Price serves as an example for others to emulate.
According to some economists, the pay disparity in the United States is among the largest in the world. The salaries of top executives are close to 300 times that of the average worker.
While some individuals lauded Price’s decision as a valiant effort to reduce income inequality in the United States, others referred to it as extreme socialism.
The wage increase elicited additional adverse responses. A few clientele of Gravity Payments expressed an interest in communism or socialism. As a consequence, two employees of Gravity Payments resigned.
His achievements are as follows:
- In 2010, he received accolades and an invitation to a White House meeting with the President to recognize his National SBA Young Entrepreneur of the Year designation.
- Entrepreneur magazine honored him with the title of 2014 Entrepreneur of the Year.
- In 2013, he received the Young Entrepreneur of the Year award from GeekWire.
Income Streams
Daniel Joseph Price is a business owner. He founded Gravity Payments in 2004 at 19 and attended college concurrently.
He held the CEO position of this company specializing in credit cards and payment systems until August 2022.
Gravity is a privately held company and is exempt from legal regulations, and its size is unknown. A pay raise propelled Price to instantaneous notoriety.
He has been featured on the covers of magazines and television programs, and he is handsomely compensated for each public speaking engagement.
2015 Price signed a book contract with Viking Press worth $500,000. His ex-wife’s December 2015 report in Bloomberg Businessweek changed the narrative.
The wife was alleging that Price had assaulted her, which resulted in the termination of both his book agreement and his contract with the talent agency WME.
April 2020 saw the publication of his debut novel, Worth It. Price frequently expresses his left-leaning stances on social and economic issues on social media.
On the Internet, some of his posts have evolved into memes. Former Seattle Times reporter Mike Rosenberg is the ghost author of most of his posts.
Breakdown of Dan Price’s Net Worth
Dan founded Gravity Payments while attending Seattle Pacific University as a student. Gravity Payments acquired ChargeitPro in 2019, and he increased the minimum wage for ChargeitPro employees.
In 2015, Dan entered a book publishing agreement worth $500k with Viking Press. This book will discuss the rudimentary scrawled beginnings of Gravity Payments and ethical business practices.
Price stated in March 2020 that the salary increase benefited his company, but he refrained from declaring it a success.
This was due to the existence of wealth disparities across the globe. The online credit card processing company Dan operates generates most of his income.
Dan Price has amassed a substantial fortune beyond $10 million in net worth through his business.
He has managed to accomplish this by reinvesting profits in the company and investing in other enterprises. Aside from that, he possesses numerous residences across the globe, including one on a Hawai.
Comparison of Dan Price’s Net Worth to Industry Averages
Here’s how Dan Price compared to other industry averages, including Oscar Munoz, Arne M. Sorenson and Tom Blomfield.
Oscar Munoz is an American industrialist, who served as the executive chairman of United Airlines. He held the position of CEO at United Airlines between 2015 and 2020.
Munoz formerly served on the board of the company’s parent corporation, United Continental Holdings (UCH), at CSX Corporation and AT&T. Oscar Munoz’s estimated net worth is $50 million. His primary source of income was his position as a business executive.
Mr. Arne M. Sorenson is the President, Chief Executive Officer, and Director of Marriott International Inc. Located in Bethesda, Maryland, US, Marriott International is the largest hotel corporation globally.
It has more than 6,500 locations in 127 countries and generated approximately $14 billion in revenue during its 2015 fiscal year. Estimates place Arne M. Sorenson’s net worth as of December 28, 2020, at a minimum of $204 million.
Philanthropy and Investments
In addition to being an employee of Gravity Payments, Price advocates for social justice and ethical business practices.
He has advocated for fair-paying businesses and ethical conduct while discussing his experiences at conferences and other events.
Dan Price is a prime illustration of the significance of perseverance and diligent effort. He founded Gravity Payments in 2004 with a mere two employees.
The business employs more than 400 people and generates $1.3 billion annually. Additionally, he is renowned for his dedication to equitable employee compensation.
Public Image and Personal Life
Kristie Colón, previously known as Lewellyn, was his former spouse. She attended Seattle Pacific University on a grant and earned a Bachelor of Arts in English and creative writing.
The Netline reports that his Christian family advised him and his girlfriend to either get married or terminate their relationship. Although that occurred in 2005, Dan and Kristie divorced in 2012.
According to The New York Times, Mr. Price informed the journalists that the two had amicably terminated their relationship. However, his ex-wife, Kristie Colón, stated in a 2015 TEDx presentation that their union was abusive.
Colón recited an excerpt from her previous diary during her presentation at the University of Kentucky. She detailed how Dan struck her in the midsection and slapped her across the face in the document.
The Times claims she never delivered her TEDx presentation in public, and Dan refutes the account, stating that the events mentioned earlier never transpired. Price is concentrating on achieving the pinnacle of success at his company.
Price has repeatedly stated, “My number one objective is for [his] employees to work for the greatest company in the world.” However, the recent complications are impeding his ability to manage the enterprise.
Price resigned as he termed himself a “distraction” rather than a leader to “dedicate himself full time to refuting unfounded allegations leveled against [him].
Future Prospects
He has a Bachelor of Business Administration from the University of Washington. He’s also featured on the cover of numerous publications, including Fortune, Forbes, and The Wall Street Journal.
Additionally, he is incredibly charitable and has contributed to multiple organizations and causes.
Dan Price should earn more than $20 million annually. In addition to his $1 million salary, he generates income from real estate, investments, and other enterprises.
Dan Price is a prime illustration of the significance of perseverance and diligent effort. His prosperous business career has contributed to the accumulation of his staggering net worth.
Additionally, he is renowned for his dedication to equitable compensation for his employees as shown in 2015 by increasing the minimum wage of his employees.
Dan Price’s enduring commitment to fostering innovation and assisting others will establish him as an exceptional business executive. Only time will tell.
Conclusion
Dan Price net worth is a testament of someone with a strong ambition to become an entrepreneur and effect positive change in the world through business.
Due to his commitment to equitable compensation at Gravity Payments, he has attained prominence as a business figure.
This has stimulated discussions regarding income inequality and prompted additional entrepreneurs to contemplate the societal impact of their enterprises.
He continues to promote economic equality and equity by providing transparent and equitable payment processing alternatives. Price remains committed to his mission as CEO of Gravity Payments.
