Dan Price’s Net Worth, Biography & Stats. Net Worth: Est. 12 Million $

Dan Price is a pioneering entrepreneur known for raising employee wages to $70,000 at Gravity Payments, challenging conventional business practices and advocating for income equality.

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Introduction

Daniel Joseph Price (born May 13, 1984) is an American entrepreneur, businessman, and media personality. He is the co-founder and former CEO of Gravity Payments, a credit card processing and financial services company, where he remains the sole shareholder and board member. Price garnered widespread recognition in 2015 after making headlines for his decision to raise the minimum salary for Gravity Payments employees to $70,000 while reducing his own salary from $1.1 million to match that of his employees. His bold stance on income equality made him a prominent figure in discussions about fair wages and corporate responsibility.

Understanding Dan Price's net worth and biography is essential for appreciating the financial and ethical implications of his leadership decisions. Price’s unique approach to business not only transformed his company but also influenced conversations on worker compensation and the role of executives in addressing economic disparities. His active presence on social media, especially Twitter, has further amplified his message, making him a well-known media personality.

This article aims to provide an in-depth look at Dan Price’s journey, exploring both his personal and professional life. 

Early Life and Career of Dan Price

Daniel Price was raised in a conservative Evangelical Christian household. He is the fourth of six children in the family. His father, Ron Price, worked as a business consultant and public speaker, which exposed Dan to the world of business from a young age. When he was still a child, his family relocated to Nampa, Idaho, where he was homeschooled until the age of 12. Price later attended Nampa Christian High, a private school, where he cultivated his interest in both business and music.

During his high school years, Price joined a Christian punk rock band called Straighforword, where he played bass guitar. This was his first foray into leadership, as the band frequently performed at local venues. It was during one of these performances at a local coffee shop that Price’s entrepreneurial instincts kicked in. After hearing the shop owner complain about high credit card processing fees, Price successfully negotiated lower fees for him. This experience, combined with his father's involvement in the credit card industry, led Price to develop a deeper interest in financial services.

Price’s early business exposure through his father's work motivated him to shift his focus from music to business. Instead of pursuing a career in music, Price launched his own credit card processing company to help small businesses avoid the hefty fees that he felt were unfairly imposed by larger institutions.

Price moved to Seattle to attend Seattle Pacific University (SPU), a private Christian university, and graduated in 2008. While still a student in 2004, at the age of 19, he co-founded a merchant-services company called Price & Price with his older brother, Lucas. Lucas provided the initial seed money for the venture, and the company quickly took off. In 2006, Dan became CEO, and by 2008, the brothers had restructured their ownership, renaming the company Gravity Payments.

Dan Price's leadership transformed Gravity Payments into a successful company, known for its transparency and ethical approach to credit card processing. However, his early career was not without challenges. In 2015, he made headlines by raising the minimum wage at Gravity Payments to $70,000 and cutting his salary from $1.1 million to $70,000 to help fund the initiative. This move drew both praise and criticism, propelling him into the national spotlight and shaping his career around business ethics and employee advocacy.

Despite facing legal challenges, including a lawsuit from his brother Lucas, Dan Price remained at the helm of Gravity Payments until his resignation as CEO in August 2022. Price cited the need to focus on defending himself against what he described as false accusations. However, in May 2024, Price announced his return to Gravity Payments in an advisory role, continuing his involvement in the company’s strategic direction.

Rise to Fame and Major Achievements of Dan Price

Dan Price rose to international fame in 2015 when he made the unprecedented decision to raise the minimum salary for all employees at Gravity Payments to $70,000. This move, coupled with his decision to reduce his own salary from $1.1 million to match that of his employees, drew widespread media attention and sparked a global conversation about income inequality, fair wages, and corporate responsibility.

Price’s rise to fame began in April 2015 when, with reporters from The New York Times and NBC News in attendance, he announced the radical wage change during a company meeting. Price cited a 2010 study by Nobel laureates Daniel Kahneman and Angus Deaton, which suggested that emotional well-being levels off after earning $75,000 a year, as a key inspiration for his decision. His decision to raise wages came at a time when debates over the widening gap between executive compensation and employee wages were reaching a boiling point. His bold action positioned him as a champion of workers' rights and a symbol of corporate generosity, earning him praise from progressives and workers' advocates alike.

However, Price's decision also attracted criticism from some business owners and conservative commentators, including Rush Limbaugh, who accused him of promoting socialist values. Despite the backlash, Price's wage increase resonated with many who were frustrated with the growing economic inequality in America, and he quickly became a media darling.

Dan Price’s most notable achievement is undoubtedly his groundbreaking decision to raise the minimum wage for all employees at Gravity Payments. The move, described as “revolutionary” by many, not only changed the lives of his employees but also reshaped the public discourse on corporate leadership and worker compensation.

In addition to this wage hike, Price extended the same $70,000 minimum wage to the employees of ChargeItPro, a company Gravity Payments acquired in 2019. This extension further demonstrated his commitment to fair compensation across all levels of his company, reinforcing his reputation as a progressive leader in the business world.

Despite the financial strain it placed on Gravity Payments in the short term, the company grew and thrived under Price’s leadership, even during challenging times. By March 2020, Price reported that his wage-raising initiative had been largely successful for Gravity Payments, helping the company to grow and retain employees.

Dan Price’s bold actions and leadership style have earned him numerous awards and recognitions throughout his career, particularly for his efforts in promoting workplace equality and corporate responsibility. Some of his notable honors include:

• Entrepreneur of the Year by Entrepreneur Magazine in 2014, which recognized his innovative leadership at Gravity Payments.
• Top 40 Under 40 by Puget Sound Business Journal, honoring his contributions to the business community at a young age.
• Business Person of the Year by Business Insider in 2015, shortly after his wage hike announcement.
• Humanitarian of the Year Award by The Business Intelligence Group in 2016, recognizing his efforts to improve workers' quality of life through higher wages.

Price's public profile grew not only because of his wage policy but also through his social media presence, particularly on Twitter, where he frequently engages in discussions about economic justice, corporate ethics, and fair wages. Although he has faced controversies and legal challenges, Dan Price remains a well-known figure in conversations about corporate reform and social justice in the business world.

Net Worth of Dan Price

Dan Price’s net worth has been a subject of public interest, particularly after his bold decision in 2015 to cut his own salary from $1.1 million to $70,000 in order to raise the minimum salary for all employees at his company, Gravity Payments. As of 2024, Price's exact net worth is not publicly disclosed, but it is estimated to be between $12 million to $15 million. His wealth primarily comes from his ownership stake in Gravity Payments, where he remains the sole shareholder, despite stepping down as CEO in 2022.

Dan Price's wealth has fluctuated over the years due to both his personal financial decisions and the performance of Gravity Payments. 

However, over time, Gravity Payments grew in both revenue and size, allowing Price’s net worth to gradually recover. In particular, the company’s expansion—such as the acquisition of ChargeItPro in 2019—further diversified Price's income streams and boosted his wealth. Despite his reduced salary, Price continues to benefit from his ownership of Gravity Payments, which has seen steady growth as a result of his wage increase decision and the positive publicity it generated.

Gravity Payments: The bulk of Dan Price's wealth comes from his ownership of Gravity Payments, a company that processes credit card payments for small businesses. As the sole shareholder, Price's wealth is closely tied to the company’s performance, which has grown significantly since the 2015 salary announcement.

Speaking Engagements and Media Appearances: Price has become a prominent figure in discussions about income inequality and corporate responsibility, leading to numerous paid speaking engagements and media appearances. He is often invited to speak at conferences, corporate events, and universities, which supplements his income.

Book Deals and Publications: Price’s rise to fame has led to potential book deals and publications, where he discusses his leadership philosophy, fair wages, and corporate ethics. These projects are also contributing factors to his financial portfolio.

Investments and Property: While Price claimed in 2015 that he had sold his stock and mortgaged his properties to support Gravity Payments, subsequent reports indicate that his real estate investments and other assets continue to provide financial stability. Price owns multiple properties, including a house in Seattle that he occasionally rents out.

Comparison with Other Top Colleagues

Compared to other CEOs and business leaders, Dan Price’s net worth is relatively modest. For example, CEOs of major financial and tech companies often have net worths in the hundreds of millions or even billions of dollars. For instance:

• Jeff Bezos, founder of Amazon, has a net worth of over $150 billion, largely due to his ownership stake in Amazon.
• Tim Cook, CEO of Apple, has an estimated net worth of around $1.5 billion, largely attributed to stock options and bonuses tied to the company's performance.

In comparison, Dan Price’s wealth, ranging between $12 million and $15 million, is considerably smaller. However, his decision to take a significant pay cut to benefit his employees sets him apart from many of his contemporaries, who often draw massive salaries and bonuses. 

Business Interests and Investments

Dan Price's primary business interest has been his credit card processing company, Gravity Payments, which he co-founded in 2004. As the sole shareholder and former CEO, Price's leadership and decisions have been central to the company’s growth. Beyond Gravity Payments, Price’s public investments or business ventures remain relatively low-profile, as his focus has predominantly been on scaling and maintaining Gravity's success.

Gravity Payments: The core of Price's wealth and business activity, Gravity Payments serves small businesses by providing credit card processing services. Price's wage policy in 2015 brought international attention to the company, significantly boosting its profile.

ChargeItPro: In 2019, Gravity Payments acquired ChargeItPro, further expanding Price’s reach in the financial services sector. The acquisition allowed Price to extend his $70,000 minimum wage policy to more employees, cementing his brand as a leader in progressive wage practices.

Dan Price's Personal Life

Dan Price has maintained a relatively private personal life, but some aspects are known publicly. He has been married once, but details regarding his marriage and any potential children are not widely publicized. His focus has primarily been on his business and advocacy work, which has shaped much of his public persona. Price often shares insights into his life through social media, discussing his beliefs and motivations, but he tends to keep his family life away from the limelight.

Price is known for his commitment to social responsibility and employee welfare, which extends into his philanthropic efforts. Notably, his decision to raise the minimum salary at Gravity Payments to $70,000 reflects his belief in equitable compensation and the importance of supporting workers.

In addition to his corporate initiatives, Price has been involved in various charitable activities, often focusing on issues related to poverty alleviation, education, and mental health. He actively promotes discussions about income inequality and advocates for better wages across industries. Price has participated in and sponsored events that aim to raise awareness and funds for these causes, although specific details about his charitable donations are less publicized compared to his corporate policies.

Overall, Dan Price’s personal life reflects his dedication to social justice, emphasizing his commitment to making a positive impact both within and beyond his business endeavors.

Conclusion

Dan Price has made a significant impact in the business world as the co-founder and former CEO of Gravity Payments, where he famously raised the minimum wage to $70,000. With an estimated net worth of $12 million to $15 million, his wealth reflects the success of his company and commitment to fair compensation.

Price’s influence extends beyond business; he has initiated important discussions about income inequality and corporate responsibility. By prioritizing employee well-being, he sets a precedent for other leaders to follow, making him a notable figure in both business and social advocacy.

References

https://en.wikipedia.org/wiki/Dan_Price

https://filmysiyappa.com/dan-price-net-worth

https://www.inc.com/magazine/201511/paul-keegan/does-more-pay-mean-more-growth.html https://www.seattletimes.com/business/seattle-celebrity-ceo-dan-prices-rise-and-fall-at-gravity-payments/