Dan Price

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Dan Price
Born (1984-05-13) May 13, 1984 (age 37)
OccupationInternet entrepreneur
Spouse(s)
Kristie Colón
​
​
(m. 2005; div. 2012)​

Dan Price (born May 13, 1984) is the founder of credit card processing company Gravity Payments. He gained recognition in 2015 after he raised the minimum salary for employees of his company to $70,000 and lowered his own wage to $70,000 from $1.1 million.[1]

Early life[]

Price was born on May 13, 1984.[2] He grew up in a conservative Protestant Christian family in rural southwest Idaho, and was homeschooled until age 12. He has three brothers named Lucas, Alex, and Jessie. He later became less religiously strict and is an outspoken progressive on social media.

Career[]

Price started Gravity Payments at 20, in 2004, while a student at Seattle Pacific University.[3][4] After raising his company's minimum salary to $70,000 in 2015,[5][6] he extended the same minimum wage to all employees of ChargeItPro, a company Gravity Payments acquired in 2019.[7]

In 2015, Price accepted a $500,000 book deal to be published via Viking Press.[5] The book plans to be a first-person account of the establishment of Gravity Payments and will discuss socially conscious business.[5]

In March 2020, Price said that the pay raise has worked well for his company in particular, but hesitated to call it a full success because income inequality in the broader world has continued to grow.[8]

Personal life[]

Price resides in the Magnolia neighborhood of Seattle, Washington.[9][10] He was married to Kristie Colón from 2005 until their divorce in 2012.[4][11][12][13]

Domestic abuse allegations[]

Price's ex-wife Kristie Colón said Price threw, punched, slapped, body-slammed and waterboarded her during their marriage.[14] Price denied claims of abuse, said the events described never happened, and that his wife never filed a police report.[15] In January 2016, Colón published a blog post standing by her accusations of Price.[14]

Controversies[]

On April 24, 2015, a lawsuit was filed against Dan Price by his brother Lucas.[16] The lawsuit claimed that Price was overpaying himself and depriving shareholders of profits.[16] Price admitted that some of the statements he made about Gravity Payments since raising the minimum wage were not true.[17][18] In July 2016, King County Superior Court Judge Theresa B. Doyle ruled in favor of Dan Price on all counts.[19]

References[]

  1. ^ "CEO on why giving all employees minimum salary of $70,000 still "works" six years later: "Our turnover rate was cut in half"". CBS News.
  2. ^ Price, Dan (2020-05-13), "I'm 36 today. Thank you for all the birthday wishes!", Twitter, retrieved 2021-06-01
  3. ^ Keegan, Paul (2015-11-11). "A Day in the Life of Dan Price, the $70,000 Minimum Wage CEO". Inc.com. Retrieved 2020-04-02.
  4. ^ a b Cohen, Patricia (2015-04-13). "One Company's New Minimum Wage: $70,000 a Year". The New York Times. ISSN 0362-4331. Retrieved 2020-04-02.
  5. ^ a b c Lagorio-Chafkin, Christine (2015-10-27). "Gravity Payments' $70,000 Founder Scores $500,000-Plus Book Deal". Inc.com. Retrieved 2020-04-02.
  6. ^ Mason, Anthony (2015-04-14). "CEO to employees: $70,000 is our new minimum wage". www.cbsnews.com. Retrieved 2020-04-03.
  7. ^ Lewis, Sophie (2019-09-25). "CEO stuns employees by giving them each a $10,000 raise". www.cbsnews.com. Retrieved 2020-04-03.
  8. ^ Goodyear, Sheena (2020-03-02). "Seattle CEO who pays workers at least $70K US says it's paying off in spades". Canadian Broadcasting Corporation. Retrieved 2020-04-02.
  9. ^ "Gravity Payments CEO Dan Price hasn't actually mortgaged his homes, property records show". 7 December 2015.
  10. ^ Weise, Karen (2015-12-01). "The CEO Paying Everyone $70,000 Salaries Has Something to Hide". Bloomberg.com. Retrieved 2020-04-02.
  11. ^ Cohen, Patricia (2015-07-31). "A Company Copes With Backlash Against the Raise That Roared". The New York Times. ISSN 0362-4331. Retrieved 2020-04-02.
  12. ^ Johnson, Jim Ludema and Amber (2018-08-28). "Gravity Payment's Dan Price On How He Measures Success After His $70k Experiment". Forbes. Retrieved 2020-04-02.
  13. ^ Weiss, Geoff (2015-12-17). "Video Containing Allegations Dan Price Abused His Ex-Wife Won't Publish and Has Been Deleted". Entrepreneur. Retrieved 2020-04-02.
  14. ^ a b Weiss, Geoff. "Dan Price's Ex-Wife Stands By Domestic-Abuse Allegations in Latest Blog Post". Entrepreneur. Retrieved 2021-10-03.
  15. ^ Kasperkevic, Jana (2015-12-03). "CEO who set $70,000 minimum wage: ex-wife's abuse accusations 'baseless'". The Guardian. ISSN 0261-3077. Retrieved 2020-04-02.
  16. ^ a b "Gravity Payments CEO, who set $70K minimum pay, sued by brother". The Seattle Times. 2015-07-20. Retrieved 2020-04-02.
  17. ^ Stewart, Ashley (2016-06-01). "'A troubling story of ego:' Gravity Payments' CEO Dan Price takes the stand in lawsuit against brother". www.bizjournals.com. Retrieved 2020-04-02.
  18. ^ Evon, Dan (2017-01-09). "FACT CHECK: Did Gravity Payments CEO Dan Price Have to Rent His House to Make Ends Meet?". Snopes.com. Retrieved 2020-04-03.
  19. ^ "Dan Price, the '$70k CEO,' prevails in lawsuit filed by his brother and Gravity Payments co-owner". GeekWire. 2016-07-09. Retrieved 2020-04-02.

External links[]

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