Dan Price Net Worth: How Rich is Gravity Payments CEO?

Dan Price is an American entrepreneur who is known as the co-founder and former CEO of Gravity Payments. He was praised and became popular in 2015 for slashing his own salary by $1.1 million to give his employees a minimum salary of $70,0000. Dan resigned as CEO of Gravity Payments on August 17 after he pleaded not guilty to misdemeanor charges of assault and reckless driving in May 2022. As of 2023, Dan Price net worth is roughly around $12 million.

Early Life

Dan Price was born on the 13th of May, 1984 in Lansing, Michigan. He was born as the fourth of six kids to Ron Price. His family shifted their place to Nampa when he was very young. Dan was homeschooled until 12. Then, he studied at a private school, Nampa Christian High School.

Dan played bass guitar and performed with a Christian punk rock band, Straightforward while in high school. He focused on processing a credit card business after the owner of a venue filed a complaint of high credit card processing fees against the band. Afterward, he lowered the fees to come to a negotiated point with the owner, Thereafter, he joined the Seattle Pacific University (SPU) after moving to Seattle. He completed his graduation from SPU in 2008.

Dan Price Net Worth & Career

 

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Dan started a merchant-services company, Price & Price in 2004. At that time, he was still studying at Seattle Pacific University. He started the company with his older brother, Lucas, who also provided the seed amount to start the business venture. Price became the CEO of the company in 2006. Then, in 2008, he and his brother renegotiated their ownership stake and renamed the company, Gravity Payments.

In March 2015, a lawsuit was initiated by his brother that claimed Dan was overpaying himself and also engaging in minority shareholder oppression. Furthermore, he was accused of freezing his brother out of major business decisions for the company. In April 2015, he told Gravity Payments employees that he was increasing their minimum salary to $70,000. He also announced that he was decreasing his own salary from $1.1 million to $70,000.

Dan became a celebrity after the pay increment announcement. He started getting featured on magazine cover appearances and other numerous TV shows. Dan was earning around $10,000 for making appearances at public speaking events. In November 2015, he told in an interview with business magazine, Inc., that he has sold all his shares, mortgaged 2 properties, and also emptied his retirement accounts.

In August 2016, Dan revealed on the Today show that he only rents his house during the summer. He further claimed that the decision for renting his house was not made solely out of financial necessity. Dan called his idea of increasing pay has worked well for his company in March 2020. Dan resigned as CEO of Gravity Payments on August 17, 2022. While stepping down as CEO, he told his staff that he has now decided to focus full-time on fighting false accusations made against him.

Personal Life

Dan Price was married to Kristie Colon (nee Lewellyn). He tied the knot with his ex-wife, Kristine in 2005. The pair separated with divorce in 2012. On August 23, 2022, his ex-wife appeared on Good Morning America and accused him of punching and strangling her during their 7 years of marriage. She had already alleged him about the incidents in October 2015, when she was recording a TEDx talk at the University of Kentucky.

On the other hand, Dan had completely denied her claims of abuse and described the incidents mentioned by his ex-wife as never happened. Lately, in August 2022, a model and his ex-girlfriend, Kacie Margis made rape accusations against him.

In February 2022, he was charged with misdemeanor assault with sexual motivation, and careless driving after a young lady accused him of forcibly attempting to kiss her. However, his attorney denied the woman’s claims, and later the assault with sexual motivation was dropped. On May 31, he eventually pleaded not guilty to the other two charges.

Dan Price Net Worth

Dan Price’s personal wealth is estimated to be around $12 million as of 2023. Besides his involvement in business ventures, he has published his first book, Worth It in April 2020. Dan self-published the book in April 2020, after he lost a $500,000 book deal with Viking Press due to domestic violence with his ex-wife.