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Dan Price is an American entrepreneur and social media personality. He is the co-founder and Chief Executive Officer of Gravity payment, a credit card processing company.
As the co-founder and the Chief Executive Officer of Gravity Payments, Dan Price’s wage was about $1.1 million. However, in 2015, he became famous for raising his employees’ minimum wage to $70 thousand and lowering his wage to $70 thousand, making him famous on social media.
What Is Dan Price’s Net Worth
Dan Price has an estimated net worth of about $12 million. Most of his earnings were from his company, where he reportedly earned about $700 thousand to $1.1 million between 2010 and 2015.
Following his intentional wage reduction in 2015, he became famous and began to earn about $10 thousand from public speaking events.
Plunge into this article to learn more about Dan Price, his early life, personal life, career, achievements, awards, etc.
CEO of Gravity Payment in office
Dan Price Net Worth Growth
Dan Price’s net worth has continued to rise year-on-year, making him one of the richest media personalities in the world, with no signs of slowing down any time soon.
Here’s a breakdown of Dan Price’s annual net worth:
- Net Worth in 2023 $12 Million
- Net Worth in 2022 $10 Million
- Net Worth in 2021 $8 Million
- Net Worth in 2020 $6 Million
- Net Worth in 2019 $4 Million
Dan Price’s steady growth in net worth can be attributed to his expert marketing skills. He is a marketing genius who steadily grew his business and net worth.
Increasing his employee’s minimum wage also seemed to boost productivity which helped grow his business. But before then, his net worth grew by earning between $700,000 to $1.1 million wage.
The minimum wage experiment changed the fortune of his business, according to his disclosure to Forbes in one of his interviews.
After the pay raise announcement, Dan Price became a celebrity and made numerous television and magazine cover appearances. He reportedly earns at least $10,000 per public speaking appearance.
In 2015, Dan Price got a book deal worth about $500,000 to be published by Viking Press, contributing significantly to his net worth growth.
Also, Dan Price has other investments in stocks.
How Did He Get Rich?
Dan Price made his income primarily from Gravity Payments. Aside from being involved in business ventures and overseeing the affairs of his company.
Dan started his journey to wealth in junior high school. He started building what would go on to become Gravity Payment.
Dan partnered with his brother, Lucas, to start Price and Price LLC in 2004, the company that grew into the present-day Gravity Payments.
He mostly made his money by minting millions from the company. As the CEO, Dan paid himself between $1.5 million to $3 million annually from 2012 up to 2015.
The announcement of the minimum wage hike got Gravity Payment about 80% more customers than before. The increased number of customers only means more money for Dan and his company.
Riding on the wave of this success, Dan published his debut book, Worth It, in April 2020. He has since then sold several copies and written other books.
Upon becoming famous and a celebrity, Dan Price began to feature on a magazine page and TV shows, earning quite a sum.
Daniel Joseph Price was born on May 13, 1984, in Lansing, Michigan, United States of America. His Father is Ron Price, a business consultant, and his mother is unknown. Dan Price has 3 siblings, Lucas, Alex, and Jessie.
Dan Price grew up in an Evangelical Christian home. He was young when his family moved to Nampa, Idaho, United States of America, where he was homeschooled till he was 12. After which he went to Nampa Christian High school.
In high school, Dan Price joined a band called straight forward, where he played bass guitar. After his high school education, Dan Price moved to Seattle Pacific University (SPU), a private Christian university, and he graduated from SPU in 2008.
|Name||Daniel Joseph Price|
|Nick Name||Dan Price|
|Date of Birth||13 May 1984|
|Place of Birth||Michigan|
|Parent Name||Ron Price|
|Sibling||Lucas, Alex, and Jessie|
|Profession||Media Personality, and Entrepreneur|
|Net worth||$12 million|
|College||Seattle Pacific University|
Career and Award
Dan Price’s career kick-started when he was 19, in 2004, at the Seattle Pacific University. He founded Price & Price as a merchant-services company with his older brother, Lucas Price.
He became the CEO in 2006, and in 2008, the duo renegotiated the stake and renamed the company Gravity Payments.
In April 2015, Dan Price reportedly announced to Gravity Payments staff that he was raising the company’s minimum salary to $70,000 and reducing his wage from $1.1 million to $70,000.
The announcement went viral, and he cited a 2010 paper titled High income improves evaluation of life but not emotional well-being by aniel Kahneman and Angus Deaton as the motivation for his decision.
In 2020, Dan Price said his decision to minimum wage increment was not a full success because income inequality in the broader world has continued to grow. However, he affirmed that the pay raise had worked well for his company in particular.
He also extended the same minimum wage to all employees of ChargeItPro, a company Gravity Payments acquired in 2019.
In 2020, besides being an entrepreneur and model personality, Dan Price wrote a book titled Worth it. This book was self-published by Dan Price himself.
In 2022, Dan Price resigned as Gravity Payments CEO, saying he needed to step aside from his CEO role to focus on fighting false accusations made against him.
Awards and Achievements
In 2010, Dan Price was honored as the National Small Business Administration Young Entrepreneur of the Year. He was also invited to the White House to meet President Barack Obama.
In 2013, Dan Price also won GeekWire’s Young Entrepreneur of the Year award 2013. Dan Price was named Entrepreneur of 2014 by Entrepreneur magazine.
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Investments and Endorsements
In an interview with Inc Magazine in 2015, Dan Price mentioned that he sold all his stocks, emptied his retirement accounts, and mortgaged two properties he owned, obtaining $3 million, which he used to pay Gravity staff minimum wage.
Also, Dan Price told CNN that the additional funding was for a minimum wage increase. However, Property records searches showed that Dan Price had not mortgaged his homes then, and he acknowledged this in a February 2016 court filing.
In 2016, Dan Price eventually mortgaged one of his properties. He planned to write about establishing Gravity Payments and socially conscious businesses.
However, he lost the deal, and his representation by the talent agency WME, after his ex-wife accused him of domestic violence.
Dan Price married Kristie Colon in 2005 and divorced in 2012. The marriage did not produce any child, and Dan Price has not remarried after the divorce.
In 2013, Dan Price was arrested and charged with assaulting a bar manager. However, the charge was dismissed.
Also, in 2015, Dan Price’s brother Lucas filed a lawsuit against him. He was accused of overpaying himself and embezzling shareholders’ profit.
He was also accused of freezing Lucas out of major business decisions for their company in violation of their agreement in 2008. In 2015, Dan Price’s ex-wife Kristie accused him of domestic violence, which Dan’s father denied defending his son.
In February 2022, Price was charged with misdemeanor assault, misdemeanor assault with sexual motivation, and reckless driving after a lady accused him of forcibly attempting to kiss her. The charge was later dropped, and Dan Price pleaded not guilty.
From Dan Price’s Previous interview with CNN and Inc magazine, it was found that Dan Price has quite a number of houses and stock investments.
1. Who is The CEO Of Gravity Payment?
Tammi Kroll took over from Dan Price as the CEO of Gravity Payment and is still the CEO to date.
He took over after Dan Price resigned as the CEO of Gravity payment owing to the fact that he wanted to focus on defending the allegation made against him and proving they were wrong allegations.
2. What Kind Of Company is Gravity Payment?
Gravity Payments is a credit card processing and financial services company founded in Seattle, Washington, by two siblings, Lucas, and Dan Price.
Gravity Payments employs over 100 people, with most employees living within walking distance of the headquarters.
3. Is Gravity Payment An IOS?
Gravity payment is a registered IOS with Wells Fargo Bank.
Gravity Payments was founded in 2004 in Washington. The company offers credit card processing services for small businesses in the United States.
4. How Does Gravity Payment Make Annually?
Gravity Payment makes about $200 million annually following an increased customer in-flow after the minimum wage increase.
The minimum wage of staff salary is about $70 thousand after the invented policy by former CEO Dan Price.
5. What’s Next For Dan Price?
No one can state the specifics of Dan Price’s next move. There are no indications of him returning to the company after his suits.
Fingers are crossed to see his next move, especially by his fans and customers of Gravity Payments.