Dan Price is an American entrepreneur from Michigan. He is the CEO of “Gravity Payments” and has a net worth of $12 million. He started Gravity Payments, a credit card processing business, in his SPU dorm room when he was 19 years old.
In 2015, he got attention all over the world when he raised the minimum wage at his company to $70,000 while cutting his own salary from $1.1 million to $70,000. Price even said he rented out his home to make ends meet after he took a $900,000 pay cut and raised the basic wage at his company to $70,000.
Dan Price Early Life
Daniel Joseph Price was born in Michigan, USA, on May 13, 1984. Ron Price, his father, was a consultant who worked for himself. His brothers and sisters are named Lucas, Alex, and Jessie. His family moved to Idaho, and until he was 12, Price went to school at home.
Price was raised by strict Christians. He learned to play the bass guitar and started the Christian rock band Straightforward, which was popular enough to tour and get attention from all over the country. Price went to Christian Seattle Pacific University to study in 2004, and after he graduated in 2008, he won several business awards.
Dan Price Career
Dan and his brother started Gravity in 2001. In 2004, they hired their first worker. But years later, he got into a fight with his older brother. They both agreed that Dan would become the main owner of Gravity.
The price paid for the business with his savings, his credit card debt, and student loans. As Gravity made its own technology and took over the infrastructure for processing credit cards, the business grew quickly. But after the 2008 recession, the company’s sales dropped by 20%.
In 2012, he raised his workers’ pay by 20% and boosted their output from 30% to 40%. The following year, he made 20% more money. Again, the company made a good amount of money. In 2014, the company made $150 million in sales and had $7 billion in customer transactions. The company also made a profit of $2.2 million, of which Price and Lucas got 40% as dividends.
In 2015, he raised the minimum wage at his company to $70,000 and cut his own salary from $1.1 million to $70,000. He also raised the minimum wage for everyone who worked for ChargeItPro, a company that Gravity Payments bought in 2019.
Dan Price Lawsuit
In 2015, Price’s brother, Lucas, took him to court. According to the lawsuit, Price was accused of giving himself too much money and taking profits away from shareholders. In 2016, King County Superior Court Judge Theresa B. Doyle found Dan Price not guilty of all charges.
Dan Price Honors and Achievements
Price has won a lot of praise and awards for his leadership and business skills, including the Entrepreneur of the Year award from Entrepreneur Magazine in 2014 and the SBA National Young Entrepreneur of the Year award from President Obama in 2010. He was also named the Young Entrepreneur of the Year by GeekWire in 2013.
Dan Price Personal Life
In 2007, Price married his high school sweetheart, Kristie Lewellyn. They got a divorce in 2012 because they couldn’t agree on anything. Netline says that the couple got married because Price’s strict Christian parents told them they had to get married or break up. Price lives in the Magnolia neighborhood of Seattle, Washington, at the moment.
Dan Price’s Net Worth
Dan Price’s estimated net worth in 2022 is $12 million. His company, Gravity Payments, brings in most of his money. Price’s salary ranged from $700,000 USD to $1.1 million USD from 2010 to 2015. Later, he decided to cut his pay to $70,000 USD per year in 2015.
After the pay raise was announced, Price became a celebrity. He was on the cover of several magazines and TV shows, and he was said to make at least $10,000 per public speaking event.
After getting a few misdemeanor charges for assault and driving carelessly, his wealth seems to have gone down. On August 17, 2022, he quit as CEO of Gravity Payments.
Case Against Ex-Wife for Assault
Dan Price’s ex-wife, Kristie Colón, said in 2015 that while they were married, he threw, punched, slapped, body-slammed, and waterboarded her. The video of her talk and information about her was taken down from the TEDx website by the University of Kentucky.
Price’s lawyers told the university that Colón’s comments were false and hurtful. In 2016, Colón wrote a blog post that supported her claims. However, Price denied her claims of abuse and said that the things she described never happened.
Arrests and S*xual Assaults
Price has been charged more than once with both physical and s*xual assault. He went to an Irish pub in Seattle in 2013 and sat at a table with people he didn’t know. Price hit the manager when he was asked to leave the bar. Police pulled him over and charged him with assault, but the charges were later dropped.
In April 2021, Price was being looked into for raping a drugged victim, which is a felony. Palm Springs Police took the case to local prosecutors later.
In February 2022, Price was charged with assault again after a woman said he tried to kiss her forcibly. Price’s lawyer said that the woman’s claims were not true. Price was charged with three crimes. The s*xual assault charge was eventually dropped, and he pleaded not guilty to the other two.
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