David Gottesman Net Worth 2024 – Famous American businessman, billionaire and philanthropist “David Gottesman” has a net worth of $3 million and was born on April 26, 1926.
David Gottesman net worth
According to online sources, David Gottesman (American businessman, billionaire and philanthropist) currently has an estimated net worth of $3 million. David Gottesman’s net worth is largely the result of his success as an American businessman, billionaire and philanthropist.
Real name | David Sanford “Sandy” Gottesman |
Estimated Net Worth (2024) | 3 million dollars |
Profession | American businessman, billionaire and philanthropist |
Date of birth | April 26, 1926 |
Birthplace | New York, United States |
Age | 96 years (at the time of death) |
Nationality | American |
Who was David Gottesman?
David Sanford “Sandy” Gottesman, a respected American businessman, billionaire and philanthropist, left an indelible mark on the world of finance and investment. Born on April 26, 1926 in New York, he embarked on an extraordinary journey that spanned decades and earned him a reputation as a visionary entrepreneur.
Gottesman’s legacy is deeply shaped by his role as the founder of First Manhattan Co. (FMC), which is proof of his business acumen. His influence extended beyond the board, as he became known for his enduring friendship with legendary investor Warren Buffett. This connection further emphasized Gottesman’s reputation in financial circles.
A distinguished alumnus, Gottesman earned a Bachelor of Arts degree from Trinity College before pursuing a Master of Business Administration (MBA) at Harvard University. Armed with a solid educational foundation, he ventured into the world of business and investment, ultimately leaving an indelible impact on both.
Name | David Gottesman |
Date of birth | April 26, 1926 |
Age | 96 years (at the time of death) |
Birthplace | New York, United States |
Sex | Male |
Profession | American businessman, billionaire and philanthropist |
Nationality | American |
Parents | Esther Gottesman |
The Early Life of David Gottesman
- Family background: Sandy Gottesman, born on April 26, 1926 in New York, comes from a Jewish family. His father, Benjamin, was involved in banking and investment, while his mother, Esther (née Garfunkel), played a significant role in securing the Dead Sea Scrolls for Israel. His family ties go back to Barrett Visanska, founder of the Tree of Life congregation in South Carolina, and Samuel Gottesman, an influential pulp merchant and philanthropist.
- Siblings and Cousins: Gottesman had two siblings, Milton Gottesman and Alice Gottesman Bayer. He also believed that his uncle was Samuel Gottesman, a significant figure in the world of pulp and philanthropy. The family later moved to New Rochelle, New York during Gottesman’s childhood.
- Military Service: After graduating from high school, Gottesman enlisted in the US Army. Originally sent to Princeton University to study engineering, he was later deployed to the South Pacific theater in 1945 during World War II.
- Educational Activities: After his honorable discharge from military service, Gottesman pursued higher education. He earned a bachelor’s degree from Trinity College, demonstrating his commitment to academic excellence and intellectual development.
- Business ventures: Gottesman’s entrepreneurial spirit led him to found First Manhattan Co. (FMC), a significant contribution to the world of finance and investment. His prowess as a businessman and investor, highlighted by his early investment in Berkshire Hathaway, set the stage for a distinguished career.
- Friendship with Warren Buffett: Gottesman’s friendship with Warren Buffett, the legendary investor, contributed to his reputation in financial circles. Their friendship underscored Gottesman’s status as a respected figure in the investment community.
- Philanthropic inclinations: In addition to his business endeavors, Gottesman’s commitment to philanthropy was evident. His family’s involvement in various charitable activities, along with his own contributions, demonstrated a holistic approach to positively impacting society.
- Later life and legacy: Sandy Gottesman died on September 28, 2022 in Rye, New York, at the age of 96. His enduring legacy encompasses not only his business achievements, but also the significant contributions of his family and his commitment to serving his country during World War II.
Career of David Gottesman
- Early career at Hallgarten & Company: After graduation, Gottesman began his professional journey at Hallgarten & Company, specializing in mergers and acquisitions. His work at the company spanned about a decade, giving him valuable experience in the intricacies of financial transactions.
- Introduction to Warren Buffett: In 1963, a pivotal moment in Gottesman’s career occurred when he was introduced to Warren Buffett at a Wall Street club lunch. A mutual friend recognized their common approach to buying value stocks, laying the foundation for a lasting friendship and business partnership.
- Friendship and business collaboration: Gottesman and Buffett’s friendship extended beyond the boardroom. They enjoyed playing golf together and engaged in regular Sunday evening phone calls to discuss possible stock investments. This friendship became the cornerstone of their lasting professional relationship.
- Founding of First Manhattan Co.: In 1964, Gottesman took a significant step in his career by founding the investment advisory firm First Manhattan Co. This venture marked the beginning of his independent penetration into the financial industry.
- Early Investor Role in Berkshire Hathaway: Gottesman’s foresight and investment acumen were evident in his early investment in Berkshire Hathaway. He and Buffett jointly invested in Diversified Retailing Co., a venture formed to acquire private retail companies. Despite the initial setback with the acquisition of Hochschild Kohn’s, they successfully met the challenges.
- Merger of Diversified Retailing with Berkshire Hathaway: In 1978, Diversified Retailing, the company founded by Gottesman, Buffett and Charlie Munger, merged with Berkshire Hathaway. This strategic move contributed to the growth and consolidation of both entities in the financial landscape.
- Significant holdings in Berkshire Hathaway: As of March 2021, Gottesman held a significant stake in Berkshire Hathaway, owning 17,202 shares of Class A and more than two million shares of Class B. This investment has played a key role in his overall wealth, and he has referred to extraordinary returns, saying it may be unparalleled in Wall Street history.
- Berkshire Hathaway Board Membership: Recognizing Gottesman’s expertise and contributions, he joined Berkshire Hathaway’s board in 2003. This position cemented his role in shaping the company’s strategic decisions and direction.
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