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 the 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. David 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.
DJ D-Sol (Photo by Jeff Kravitz/FilmMagic for Sports Illustrated)
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. He is the son of Alan Solomon, who was an executive vice president of a small publishing company, and Sandra Solomon, who was an audiology supervisor. He grew up in the neighboring town of Scarsdale, where he attended Edgemont Junior-Senior High School. Afterward, David 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 before getting 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, David 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 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.
(Photo by Alex Wroblewski/Getty Images)
DJing Career
When David isn't running operations at Goldman Sachs, he is 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, David 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 #39 on the "Billboard" Dance/Mix Show Airplay chart. "Feel Alive" did even better, reaching #4 on the same chart. "Rescue Me" made waves as well, hitting #4 on the "Billboard" Dance Club Songs chart and 37 on the "Billboard" Hot Dance/Electronica chart. "Someone Like You" also reached #4 on the "Billboard" Dance/Mix Show Airplay chart.
Personal Life
David married Mary Elizabeth Solomon in 1989, but their marriage ended 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, Solomon is actively involved in the board of directors of the Robin Hood Foundation, an organization dedicated to addressing poverty in New York City.
