Appaloosa LP
David Tepper
David Tepper runs Appaloosa Management, the hedge fund he founded in 1993 after eight years at Goldman Sachs. He joined the bank in 1985 as a credit analyst and was running its high-yield debt trading desk within six months. Before Wall Street he earned a bachelor's degree in economics from the University of Pittsburgh in 1978 and an MBA from Carnegie Mellon in 1982. Appaloosa was built around a single conviction: when markets panic, they misprice things. Tepper is a distressed debt specialist who buys beaten-down securities in stressed companies and holds them while they recover, leaning on rigorous fundamental analysis and a willingness to be early and contrarian. His firm is known for concentrating on a small number of big, well-researched bets rather than spreading money thinly. The trade that made his name came during the 2008-2009 financial crisis. As banks collapsed, Appaloosa bought deeply depressed financial stocks including Bank of America and Citigroup when most investors were fleeing them. The wager proved out, generating roughly $7 billion in profit as the positions recovered and making Tepper the highest-earning hedge fund manager of 2009.
$7.47B
Whirlpool Corp /de/
4.9%3.19M shares
was 3.91M (7.0%) · -719.8K shares
On February 25, 2025, ALP delivered a letter (the "Letter") to the Issuer's Board of Directors (the "Board") in which ALP expressed dissatisfaction with the recently announced equity issuance. ALP also noted the Issuer's failure to take advantage of the tariffs instituted by the Trump administration, as well as a concern with management entrenchment. The Letter is attached as Exhibit 1 to this Schedule 13D and is incorporated by reference herein. The Reporting Persons have engaged, or may engage, in discussions with members of management and/or the Board of the Issuer, from time to time, regarding certain matters relating to the Issuer, which may include, among other things, the matters set forth in the Letter. The Reporting Persons acquired the shares of Common Stock for investment purposes. The Reporting Persons acquired the shares over which the Reporting Persons exercises beneficial ownership in the belief that the shares of Common Stock represent an attractive investment opportunity. Depending upon overall market conditions, other investment opportunities available to the Reporting Persons, and the availability of shares of Common Stock at prices that would make the purchase or sale of shares of Common Stock desirable, the Reporting Persons may endeavor to increase or decrease their position in the Issuer through, among other things, the purchase or sale of shares of Common Stock on the open market or in private transactions or otherwise, on such terms and at such times as the Reporting Persons may deem advisable. Except as set forth herein, the Reporting Persons do not have any plan or proposal that would relate to, or result in, any of the matters set forth under paragraphs (a) through (j) of Item 4 of Schedule 13D. The Reporting Persons reserve the right to change their intentions with respect to any and all matters referred to in subparagraphs (a) - (j) of Item 4 of Schedule 13D. The Reporting Persons may, at any time and from time to time, review or reconsider their position and/or change their purpose and/or formulate plans or proposals with respect thereto and carry out any of the actions or transactions described in paragraphs (a) through (j) of Item 4 of Schedule 13D, to the extent they deem advisable. Notwithstanding the foregoing, the Reporting Persons have no intention to engage in a control transaction, or any contested solicitation for the election of directors, by means of the activities described in paragraphs (a), (b), or (d) of Item 4 of Schedule 13D.