Adam Weitsman is an American entrepreneur and Chief Executive Officer of Upstate Shredding, one of the largest privately-owned scrap metal processing companies in the United States. He has built a thriving business from the ground up and turning it into a multi-million dollar enterprise.
From humble beginnings as a small family-run operation to becoming one of America’s most successful entrepreneurs, Adam Weitsman’s story is inspirational. His success is attributed to his hard work, dedication, and commitment to excellence – qualities that have made him an inspiration for aspiring entrepreneurs around the world.
As of May 2023, Adam Weitsman’s net worth is $1.2 billion.
Table of Contents
Early Life
Growing up in Owego, New York, Adam Joel Weitsman developed a passion for art collecting when his father and grandfather stumbled across two American stoneware bottles during an excavation project at their scrap yard in 1980.
He had collected 60 pieces of early American stoneware bottles in only two short years. Clearly, this was something that grabbed hold of him from the start!
After graduating from Owego Free Academy in 1986, Weitsman pursued a degree in banking at the C.W. Post Campus of Long Island University in Brookville. In 1989, Weitsman launched his career in a Manhattan art gallery, Hirschl & Adler Folk.
Two years later, he established the American Folk Art Gallery in Greenwich Village and was appointed Vice President of Ben Weitsman & Son scrap processing company, which his family had owned for many generations. Weitsman eventually bought out his father’s company to become its sole proprietor.
Career
In the wake of his sister’s heartbreaking passing from cancer during the early 90s, Weitsman abandoned his successful path in New York City and moved back to their hometown to manage his family’s scrap metal business.
Weitsman Recycling
Fascinated by the processing aspect of scrap metal recycling, Weitsman decided to create Upstate Shredding in 1997 at Tioga County Industrial Park in Owego, NY. Since then, his business has experienced remarkable growth and success. Following his father’s retirement, Adam Weitsman also completed the acquisition of Upstate Shredding’s sister company.
In 2004, Weitsman faced sentencing for check kiting and was ordered to pay a $1 million fine before being incarcerated for eight months. The following year he took over his father’s business, Ben Weitsman & Son Inc., once it had been retired from use. Later in 2009, just as the decade ended, he acquired an 11-acre scrapyard in Solvay, NY, from Peter Matlow.
Between 2012 and 2016, Weitsman continued to expand his business by purchasing a scrap yard in New Castle, PA, and a port facility in Albany. Finally, they topped it off with Empire Recycling, located in Watertown, NY. By the conclusion of that year, they had cohesively organized all these entities under one name – Upstate Shredding – Weitsman Recycling.
His hard work earned him numerous accolades; he put them in place to win Tioga County’s Business of the Year award in 2012. Under his leadership, Upstate Shredding secured this prestigious recognition.
Weitsman ascended to new heights that same year by receiving the Platts Industry Leadership Award. In addition, his scrap business was also honored with the esteemed AMM Scrap Company of the Year Award for two consecutive years, 2015 and 2016.
Real Estate Investments
Inspired to start his own company and drawing on their real estate investments in Skaneateles, Adam and Kim Weitsman made a significant acquisition when Kim bought the Krebs restaurant–established way back in 1899.
In the summer of 2014, Weitsman’s restaurant re-opened its doors. Not only has he devoted his funds to local philanthropic efforts through this eatery, but in 2015 he and his wife donated 100% of proceeds to 16 distinct non-profit organizations throughout the area.
With no signs of slowing down any time soon, in 2018, construction began on two additional restaurants: Elephant and the Dove, a Mexican restaurant, as well as a sushi bar located right in Owego, New York. On April 11th, 2019, these projects were completed with an official grand opening ceremony that showcased their delicious new dishes.
In 2021, Weitsman proudly partnered with Danielle Mecuri of Rise N Shine restaurant to open a new Italian eatery in East Syracuse.
Adam Weitsman Net Worth 2023
As of May 2023, Adam Weitsman’s net worth is $1.2 billion. This is due to his successful scrap processing company owned by his family, investments, and real estate portfolio. He holds many properties in New York and other states, as well as a fleet of cars, both luxury and vintage.
Personal Life
Since 1998, Weitsman has been actively contributing to charitable causes. He has an extensive collection of 19th-century American stoneware that he’s graciously gifted and donated to the New York State Museum in Albany for years.
In 2019, Weitsman donated $100,000 to the Rescue Mission’s Clarence L. Jordan Food Service and Culinary Education Center for renovation and expansion.
In 2020, Weitsman committed to donating an entire college campus he acquired for any government agency— whether federal, state, or local—to use as a base camp and aid the fight against the Coronavirus by searching for a cure. The same year, Adam Weitsman generously donated $2,500 to the Tioga County Probation Department for their new “Decision Points” program. This initiative is devoted to providing at-risk youth with the resources and tools necessary to make informed decisions.
In 2021, after the victory of Boeheim’s Army in the basketball tournament, Weitsman promised to donate an impressive $1 million to local charities.
Frequently Asked Questions (FAQs)
How did Adam Weitsman make so much money?
Adam Weitsman made his money mainly through scrap metal and real estate businesses. He started as a small business owner but quickly expanded and diversified his portfolio to acquire more assets. As a result, he built an empire worth billions of dollars with strategic investments, savvy business decisions, and hard work.
He also has made a considerable profit from Viridium LLC, the cryptocurrency mining company he established in 2021.
How old is Adam Weitsman?
Adam Weitsman is 45 years old.
Where is Adam Weitsman?
Adam Weitsman lives in Upstate New York. His primary business operations are in Syracuse and the surrounding areas. However, he also owns properties in other states, including Pennsylvania, New Jersey, Florida, and more.
What restaurants does Adam Weitsman own?
Adam Weitsman owns several restaurants, including the Krebs restaurant in Skaneateles (which he bought in 2014), Elephant and the Dove Mexican fare, a sushi bar in Owego, New York, and an Italian eatery in East Syracuse. He donated to the Rescue Mission’s Clarence L. Jordan Food Service and Culinary Education Center in 2019. Adam has also contributed to other charitable causes throughout the years.
Is Adam Weitsman a billionaire?
Yes, Adam Weitsman is a billionaire. As of May 2023, his net worth is estimated to be $1.2 billion. His wealth comes primarily from his scrap metal and real estate businesses and investments in multiple other assets.
Key Takeaway
Adam Weitsman is a testament to the fact that success doesn’t always come with fame. His net worth of $1.2 billion proves that hard work, dedication, and savvy business decisions genuinely pay off.
It’s also clear from his charitable donations over the years that Adam is passionate about giving back and helping those less fortunate than him. With so many successful investments in real estate, scrap metal businesses, cryptocurrencies, restaurants, and more under his belt, it’s no surprise that he has become one of America’s most wealthy entrepreneurs today.
If you enjoyed this article, you’ll never believe the net worth of these entrepreneurs!
DISCLAIMER: The reported net worth of Adam Weitsman is an estimate and should be used for informational and educational purposes only. It is based on public information about his investments, real estate holdings, and other assets. Still, there may be discrepancies due to undisclosed sources of income or factors that could increase or decrease the value of his net worth. This article is not intended to provide investment advice and should only be viewed as informative.