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Billion-dollar breakup: Tepper, wife may divorce

Hedge-fund executive David Tepper is living separately from his wife of more than 25 years, Marlene Tepper, according to someone familiar with the matter, and although no divorce filing has been made, that possibility is on the table.

Tepper, who runs the $20 billion fund Appaloosa Management in Short Hills, N.J., married Marlene in 1986, according to the New York Post, which reported the couple's split earlier. They have three children together. David Tepper's personal fortune is estimated at $10 billion, according to Forbes, and he is believed to have earned $3.5 billion in 2013.

Although the Teppers were spotted together as recently as May at a charity dinner for the Robin Hood Foundation, to which David Tepper is a major donor, they have been living in separate residences for some time, according to someone familiar with the matter. And they have been discussing the possibility of a divorce of late.

David Tepper, founder of Appaloosa Management.
Adam Jeffery | CNBC
David Tepper, founder of Appaloosa Management.

It is unclear what the implications of a split would be for the structure or assets of Appaloosa, Tepper's highly successful hedge fund.

A bullish investor in U.S. stocks in recent years, Tepper generated 42 percent returns in his Palomino Fund, one of Appaloosa's main investment vehicles, in 2013. And over the past two decades, he has generated annualized net gains for his fund company of more than 30 percent—a performance Appaloosa highlighted in its 20-year anniversary letter last summer.

Tepper's market influence is such that he roiled futures markets at a hedge-fund conference in mid-May, when he argued that due to economic uncertainty around the world, he was "nervous" about the near-term trajectory of the U.S. markets. On June 5, however, he helped spark a rally after telling CNBC in an interview that the European Central Bank's economic-stimulus announcement that morning had helped quell some of his fears.

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