Dan Price is an American entrepreneur from Michigan. He started Gravity Payments, a credit card processing business, in his SPU dorm room when he was 19. He is the CEO of “Gravity Payments” and has a net worth of $12 million.
In 2015, he got attention worldwide when he raised the minimum wage at his company to $70,000 while cutting his 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.
Unfortunately, his reputation was ruined when his ex-wife, Kristie, said he had hurt her while married. His brother also sued him for putting pressure on shareholders with less money. Price convinced his brother to like him and denied ever hitting his wife.
But soon after that, he was charged with more crimes and assaults. He has been accused of multiple physical and sexual assaults between 2013 and 2022. He quit as CEO of Gravity Payments on August 17, 2022, after pleading not guilty to minor assault and careless driving charges in May 2022.
According to filmysiyappa, 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 USD 700,000 to USD 1.1 million from 2010 to 2015. Later, he cut his pay to USD 70,000 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 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.
Dan Price Instagram
Take a look at the Dan Price Instagram account.
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.
Strict Christians raised prices. 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 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 principal owner of Gravity.
The Price paid for the business with his savings, credit card debt, and student loans. The industry increased as Gravity developed its technology and took over the processing infrastructure for credit card processing. 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 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.
Early in 2021, Price’s pay raise got a lot of attention, especially from Rush Limbaugh and a few clients who called him a socialist. In response, two people who worked at Gravity Payments quit in protest.
On August 17, 2022, Price quit as CEO of Gravity Payments. Tammi Kroll, who was in charge of operations at Gravity Payments, took over as CEO.
Lawsuit Against Price
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.
Honors and Achievements
Price has won many 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.
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.
Assault Case Against Ex-Wife
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 Colón’s comments were false and hurtful. In 2016, Colón wrote a blog post that supported her claims. However, Price denied her abuse claims and said that the things she described never happened.
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