Dan Price's $70K Minimum Wage: What Happened Next? [Gravity Payments]

Is it possible for a CEO to dramatically alter the financial landscape of their company and their employees' lives with a single decision? Dan Price, the former CEO of Gravity Payments, proved that it is, by implementing a bold minimum wage of $70,000 for all employees in 2015, a move that reverberated across the business world.

The ensuing years saw a surge in revenue for Gravity Payments, and Price reported tangible improvements in his employees' lives more families buying homes, more babies being born, a direct correlation, he asserted, between financial security and personal well-being. Price's innovative approach earned him recognition as one of the "Voices of 2015" on the Today Show. He penned an essay reflecting on the profound human impact of the $70,000 minimum wage, inviting others to contemplate what they would be willing to sacrifice for their own values. His story raises crucial questions about corporate responsibility and the potential for businesses to prioritize employee welfare alongside profit margins.

While several estimations exist regarding Dan Prices financial standing, the numbers vary. As of May 2025, one estimate placed his net worth around $12 million. He primarily accrued his wealth through his ownership stake in Gravity Payments. While he famously reduced his own salary from $1.1 million to $70,000, his substantial equity in the company remained intact. Other, earlier reports, place the figure much lower, near $3 million. Discrepancies arise due to the challenges in precisely valuing private company shares and accounting for various investments. Some calculations, considering Gravity Payments' market capitalization and Price's leadership role, have suggested a net worth ranging from $50 million to $100 million. However, these figures remain speculative due to the lack of publicly available financial details.

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Dan Price first garnered widespread attention in 2015 when he publicly announced his decision to slash his own salary by 90% and establish a $70,000 minimum salary for all employees at Gravity Payments. The company's net revenue in 2014 was $16 million. He maintained that the Gravity Payments board, consisting of himself and his brother and co-founder Lucas, formally approved the salary adjustment.

The core of Gravity Payments business revolves around credit card processing and financial services. Price initiated the company in 2004. Gravity Payments, a finance related company founded in 2004 and based in seattle, has approximately 284 employees and has $65.6m of estimated revenue. The company's headquarters are situated in the Ballard neighborhood of Seattle, Washington. Gravity Payments competes with approximately 13 other companies including Square, Stripe, and PayPal. Despite the competitive landscape, Gravity Payments aims to be driven by a purpose beyond standard credit card processors, setting them apart.

Price's history with Gravity Payments stretches back to his college days. He attended Seattle Pacific University in 2003, and the following year, on February 4, 2004, he partnered with his brother, Lucas, to form Price and Price LLC. The company eventually rebranded itself as Gravity Payments. The venture proved highly lucrative, minting millions for Price. His initial investment was relatively modest, starting the company while still a student. The company offers payment solutions that any business can use.In 2018, Gravity Payments processed $10.2 billion in payments.

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By 2020, Price noted that Gravity Payments typically generated over $4 million in revenue each month. However, the company's expenses largely offset these earnings. Assessing Gravity Payments' net worth involves analyzing its influence across various online platforms, including Google, Wikipedia, YouTube, Twitter, Instagram, and Facebook, in comparison to other entities globally. Generally, a larger online presence signifies a higher estimated net worth. Price personally funded the salary increases, which drew more attention to his company. Gravity payments is classified as operating in the custom computer programming & software development services industry, naics code 541511. The business is categorized within the custom computer programming and software development services industry, identified by NAICS code 541511.

Gravity is a credit card processing company that offers acceptance of payments any time, any where. It also integrates with hundreds of hardware and software solutions. Tammi Kroll assumed the role of CEO of Gravity Payments in 2022. Kroll's promotion to CEO reflects her commitment to proving her worth and past higher leadership roles at the company. She had been an executive at Gravity Payments since 2015 before taking over the CEO position following Dan Price's resignation, but she didnt start at the top of the corporate ladder.

Following his departure, various reports emerged placing Dan Price's estimated net worth around $3 million. This figure contrasts sharply with earlier estimates that suggested a far higher valuation. Determining Dan Price's exact net worth remains a challenge due to the complexities of valuing private companies and fluctuating market conditions. Regardless, Price gained initial recognition in 2015 after raising the minimum salary for Gravity Payments employees to $70,000 and lowering his own wage from $1.1. As for Gravity payments annual revenue and growth rate, the numbers are not as readily available to the public as with publicly traded companies.

Gravity Payments, a credit card processing and financial services company, was established by Price approximately 18 years prior. Dan Price's leadership of the company has officially come to an end. In 2003, prior to establishing Gravity Payments, Price enrolled at Seattle Pacific University. A year later, he and his brother, Lucas, joined forces to create Price and Price LLC on February 4, 2004. The entity later transitioned to become Gravity Payments. Gravity Payments had humble beginnings because Price started it while in college. The company has 13 competitors including Square, stripe and paypal, they are driven by a different purpose than other credit card processors.