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Dan Price Introduction
Daniel Joseph Price is an entrepreneur.
He established Gravity Payments in 2004 when he was merely a nineteen-year-old college student. He served as the CEO of this business, a provider of payment technology and credit card processing, until August 2022.
He garnered international attention in 2015 when he said that his company would increase the minimum wage of the employees to $70,000 and would reduce his $1 million income to cover it.
Dan Price Net worth & Salary
Dan Price’s net worth is $12 million.
As a privately held corporation, Gravity is exempt from disclosure requirements; hence, its exact size is unknown.
Following the pay increase announcement, Price rose to fame, making several appearances on television and magazine covers and reportedly earning a sizeable sum of money for each public speaking engagement.
Dan Price Age, Early Life & Biography
Dan Price is 38 years old.
He is the fourth child of Ron Price, a public speaker and business consultant. He entered the world on May 13, 1984, in a city that is known for its automotive heritage, i.e., Lansing, Michigan.
He grew up in a Christian household with five siblings. His family relocated to Nampa, Idaho, while he was young, and there he received home instruction up until the age of 12.
He completed his higher studies at a private school called Nampa Christian High. While pursuing his studies, he joined a Christian band as a guitarist.
Price relocated to Seattle in order to enroll at a private Christian institution called Seattle Pacific University. He received his SPU diploma in 2008.
|Name||Daniel Joseph Price|
|Birth Date||May 13, 1984|
|Birth Place||Lansing, Michigan|
|Spouse Name||Kristie Colón (m. 2005-2012)|
|Net Worth||$12 million|
|Content Last Updated||February 2023|
Dan Price Personal Life
Kristie Colón, formerly Lewellyn, was his wife. She received a scholarship to Seattle Pacific University, where she studied between 2004 and 2006 to receive a BA in English and creative writing.
The couple reportedly got married after his Christian parents insisted they be married or quit their relationship, according to The Netline. Dan and Kristie got married in 2005 but ultimately divorced in 2012, seven years later.
The New York Times reported that Mr. Price told media organisations that the couple had separated on cordial terms. Nevertheless, Kristie Colón, his ex-wife, portrayed their marriage as abusive in a 2015 TEDx talk. At the University of Kentucky lecture, Colón read aloud sections from her old diary in which she described how Dan started smacking her across the face and punching her in the stomach.
According to The Times, her TEDx presentation was never made public, and Dan assured the publication that the occurrences “never happened.”
Dan Price Career
While playing bass guitar in a coffee shop during high school, Dan often heard the owner complain about expensive credit card processing fees. He started helping his father, who worked in the credit card sector. He gave up on music at that point and concentrated on starting a credit card processing company.
His 24-year-old older brother, Lucas Price, who was the business’s first major shareholder, gave the business the initial funding. Consequently, the Price brothers started a merchant services business in 2004.
In 2006, Dan was made CEO. In 2008, the brothers revised the terms of their ownership interest and gave the business a new name: Gravity Payments.
In a move that garnered international attention, he abruptly informed his employees in April 2015 that he planned to raise each person’s wage, including the lowest-paid clerks, customer care agents, and salespeople, to $70,000 yearly during the ensuing three years.
He would use between 75 and 80 percent of the company’s estimated $2.2 million in earnings that year and reduce his personal compensation from roughly $1 million to $70,000 to pay for the wage increases.
At a time when the USA was experiencing extreme wealth and income disparity, Bernie Sanders, an American politician, tweeted that Price sets an example for others to follow. According to some economists’ estimations, the United States has one of the greatest pay discrepancies in the world, with senior executives making up to 300 times as much as the typical worker.
Many hailed Price’s decision as a courageous effort to reduce wealth disparity in the USA, while others demonized his decision as that of radical socialism. The wage change also sparked criticism. Some Gravity Payments customers charged him for having socialist or communist goals. In response, two Gravity Payments workers quit.
In 2015, a lawsuit was filed by Lucas Price accusing Dan of violating their 2008 agreement to hold two-person board meetings and excluding him from key business decisions of their company.
After a 26-year-old woman accused Price of violently trying to kiss her in February 2022, he was charged with misdemeanour assault. He has been the target of allegations of wrongdoing and petty criminal charges, including reckless driving, and stepped down from his position in August 2022.
Dan Price Awards and Achievements
As the National SBA Young Entrepreneur of the Year in 2010, he received recognition and an invitation to the White House to meet with the President.
2013 saw him win GeekWire’s Young Entrepreneur of the Year honour.
He was selected as the 2014 Entrepreneur of the Year by Entrepreneur magazine.
Dan Price Major Investments and Assets
According to a court exhibit, Dan Price had more than $3.8 million in personal assets as of 2016.
Properties owned by Price in Seattle include a three-bedroom house and a two-bedroom condo. Estimates indicate that the three-bedroom house’s worth has since increased to more than $1.2 million.
In 2016, he received an unexpected gift from his employees – a blue Tesla Model S.
Dan Price Must Watch Latest Videos and Trending Photographs
Dan Price resigns from his position as the CEO of Gravity Payments: Video Link