David Solomon Net Worth

What is David Solomon's net worth and salary?

David Solomon is an American investment banker, record producer, and DJ who has a net worth of $200 million. David Solomon is the chief executive officer of Goldman Sachs. He became the CEO in 2018, and chairman of the company in 2019. Solomon previously served as president and chief operating officer as well as joint head of the investment banking division. Solomon is on the board of directors of the Robin Hood Foundation.

Outside of his finance career, David Solomon is a recreational electronic dance music producer who goes by the stage name "DJ D-Sol." His debut single "Don't Stop" was released in 2018. He has performed with popular artists such as the Black Eyed Peas at major music festivals both locally and internationally.

Goldman Salary & Stock Holdings

David Solomon directly owns 147,000 shares of Goldman Sachs and has 240,000 unvested shares, for a combined total of 387,000 shares. At a price per share of roughly $200 (the low end of where the stock has traded in recent years), his stake is worth around $80 million before taxes. At the higher end range of roughly $450 per share, his stake is worth $175 million.

David's base salary at Goldman is $2 million, but with bonuses, stock and other compensation he typically earns $20-30 million per year. For example, in 2018, David earned $23 million in total compensation. In 2019 he earned $27.5 million. In 2020 he accepted a $10 million pay cut in reaction to the firm's involvement in the 1MDB scandal, which saw Goldman admit criminal wrongdoing for abetting the looting of Malaysia's sovereign wealth fund and pay $3 billion in fines and compensation. Solomon's pay was back up to $35 million in 2022 and $25 million in 2023.

Real Estate

In 2005, David paid $4 million for an 80+ estate in Aspen, Colorado. He listed his property for sale in 2016 for $36 million. He ultimately split the property into two parcels: 1) A 45-acre property with a 13,000-square-foot mansion. And 2) A vacant 38-acre lot. In October 2020 he sold both parcels. He sold parcel #1 for $19.5 million and parcel #2 for $7 million.

In 2016 he listed his apartment in New York City's exclusive San Remo building for $24 million. He sold it a month later for $21 million.

Early Life

David Michael Solomon was born in 1962 in Hartsdale, New York to Alan Solomon who was an executive vice president of a small publishing company and Sandra who was an audiology supervisor. He grew up in the neighboring town of Scarsdale where he attended Edgemont Junior-Senior High School. Afterwards, he went to Hamilton College in Clinton where he graduated with a Bachelor of Arts degree in political science and government. Fresh out of college, he applied for a two-year analyst position at Goldman Sachs but was rejected. Irving Trust finally picked him up and gave him a job.

Solomon held his position at Irving Trust for some time then got a new job at  Drexel Burnham in 1986. He began as a simple paper salesman at Drexel and toiled his way to the top as a junk bonds salesman. His experience selling high-yield debt eventually led him to join Bear Stearns where he was tasked with running the junk bonds division and selling bonds.

Goldman Sachs

By the late 1990s David had rubbed shoulders with several Goldman Sachs managers which inspired him to join the firm in 1999. At just 37, he was a partner working with their leveraged finance team. His departure from Bear Stearns came as a shock to his peers who saw him as destined for a leadership role within the company. From 2006 he rose through the ranks to lead Goldman's investment banking division for the next decade. During his time as head he was credited with transforming the investment banking division and doubling profit margins from 11% to 22% with sales rising by 70%.

In December 2016 Solomon was promoted to president and co-chief operating officer together with Harvey Schwartz. The duo worked hand-in-hand until 2018 when Goldman Sachs announced Schwartz's resignation, leaving David as the firm's second-in-command. He then became CEO on October 1, 2018.

DJing Career

When David isn't running operations at Goldman Sachs, he works as a DJ, creating Electronic Dance Music under the stage name DJ D Sol. His first single has been listened to over 8 million times and he has an audience of 550,000 on Spotify. He has also entertained masses at nightclubs and lively music festivals in cities like New York, Miami and the Bahamas.

In 2018 Solomon partnered with Big Beat/Atlantic Records to establish Payback Records where he exclusively releases his music. Impressively all profits from the label are donated to causes that focus on combating addiction, hunger relief and COVID-19.

Performances

Among his performances are appearances at the Electronic Music Awards in Los Angeles in 2017 and a Sports Illustrated Super Bowl Event in Miami in 2020 where he shared the stage with Marshmello and the Black Eyed Peas.

On April 9, 2018 he spun a remix of the Pink Panther theme at a charity event held by Hamilton College to raise awareness for the opioid epidemic. He was among a prestigious lineup of DJs that included Paul Oakenfold and Galantis.

In 2020 he made a cameo appearance as himself on the Showtime series Billions. That same year he performed as the opening act for the Chainsmokers at a charity concert named "Safe & Sound" which aimed to set a precedent for COVID-19 pandemic audience safety measures. Two years later he performed at Bottle Rock's silent disco in Napa, California and a few months after that he took the stage again at the Lollapalooza music festival. All proceeds from his appearances went to charity.

Discography

David Solomon has released a total of twelve singles which include known remixes such as Jennifer Lopez's "On My Way" and collaborations with music icons like Kool & the Gang. One of his successes is the track "Don't Stop" reaching its peak at number 39 on the Billboard Dance/Mix Show Airplay chart. "Feel Alive" did even better reaching number 4 on the same chart. "Rescue Me" made waves as well, hitting number 4 on the Billboard Dance Club Songs chart and 37 on the Billboard Hot Dance/Electronica chart. "Someone Like You" also reached number 4 on the Billboard Dance/Mix Show Airplay chart.

Personal Life

Solomon married Mary Elizabeth Solomon in 1989 but their marriage came to an end in early 2018. He has been serving on the board of trustees at Hamilton College since 2005 and was appointed chairman on July 1, 2021. Additionally he is actively involved in the board of directors of the Robin Hood Foundation, an organization dedicated to addressing poverty in New York City.