Report: Panthers' David Tepper Given Warning in February About COVID-19 Impact

Carolina Panthers owner David Tepper was alerted to the possible effects of the COVID-19 pandemic in February before its full scope was communicated to the wider public, according to Kate Kelly and Mark Mazzetti of the New York Times.

A group of advisers to President Donald Trump met with Hoover Institution board members from Feb. 23-25. On Feb. 25, White House chief economic adviser Larry Kudlow told the board members that COVID-19 was "contained in the U.S., to date, but now we just don't know."

However, earlier that day, Kudlow said on CNBC's The Exchange: "We have contained this. I won't say [it's] airtight, but it's pretty close to airtight." He added the pandemic was unlikely to be an "economic tragedy."

A month later, Kudlow walked back that assessment, telling CNBC, "Nobody could have predicted or expected this."

The Times reported that after the meetings, Hoover board member William Callanan wrote a memo about the coronavirus-related concerns to which he had been alerted. He emailed Tepper as well regarding the subject. Tepper founded and serves as president of the hedge fund Appaloosa Management.

The Times provided more context on the correspondence from Callanan to Tepper:

"Mr. Callanan said that his email to Appaloosa was based on 'extensive research and publicly available information,' and that a copy of the briefing provided to The Times was 'materially different' from his original write-up.

"Mr. Tepper had been publicly warning about the coronavirus since early February. He initially denied receiving Mr. Callanan's email, but later acknowledged it."

According to the report, some investors shorted specific stocks and altered their purchasing habits based on the information that surfaced from the February meetings. The Times didn't specifically claim Tepper profited from any insider information.

CNBC's Scott Wapner shared a statement from Tepper in which he downplayed the story:

Tepper purchased the Panthers from Jerry Richardson in 2018. He spent just under $2.3 billion for the franchise, setting an NFL record.