There are many ways to fulfill the American dream, and some of those include doing jobs that most of us would rather avoid. Adam Weitsman has definitely done that as part of his path to amassing a $1.2 billion net worth from the scrap metal business. He’s the owner of Upstate Shredding – Weitsman Recycling, a business with $750 million dollars in annual revenue.
Early Days
55-year old Weitsman was born and raised in Owego, New York and gave no signs that he was going to have a remarkable life early on. He majored in banking at Long Island University, and worked at a Manhattan art gallery in the early 90s when things shifted for him.
The catalyst was the passing of his sister from cancer, and Weitsman subsequently moved home to help out with the family’s scrap metal business.
He’d always had a penchant for collecting things, and his flair for success in the scrap metal biz led to him founding his own company, Upstate Shredding, in 1997.
Scraping His Way to Success
In 2015, Weitsman acquired his father’s company, Ben Weitsman & Son, Inc and began buying similar businesses in upstate New York.
He renamed the company to Upstate Shredding-Weitsman Recycling, and in 2010 his company was named Business of the Year. Next he began investing in real estate, but life hasn’t all been sunshine and success when it came to business.
Weitsman was arrested in 2004 for check kiting, he had to pay a million-dollar fine and did eight months in prison. That setback seemed to straighten him out, though, and in 2015 and 2016 his firm was named Scrap Company of the Year by American Metal Market.
Ambitious Expansion
Weitsman is clearly an ambitious sort, and in 2010 he and his wife bought the Krebs restaurant, which was founded in 1999 and had historical significance in the area.
He’s since added an array of restaurants, all located in Skaneateles, and by 2015 he was able to donate the profits from the Krebs restaurant to 16 regional nonprofit organizations in the area.
Net Worth
Adam Weitsman currently has a net worth of $1.2 billion. There’s clearly a lot of money in discarded metal, and his other investments seem to have turned out well.
The entrepreneur has become something of a philanthropist. He donated his collection of antique American stoneware to New York’s state museum in Albany, and he’s been able to donate significant amounts of money to a variety of worthy causes.
In addition to some high-profile donations, Weitsman has made some friends in high places. His Instagram account contains photos of the scrap metal king with boxer Floyd Mayweather, actors from the Baldwin clan, and Carmelo Anthony. He also has a photo of his daughter, Clover, with Justin Beiber and Hailey Baldwin, so he clearly tries to run in different circles now.
Investments
In 2021, he founded Viridium LLC, a crypto mining company, looking to profit from the crypto hype. Given the recent volatility, it might be having some setbacks but should be a smart investment in the long term.
In May 2023, Weitsman announced an investment in Estate Media, a personality-driven real estate media business founded by Josh Flagg, Andrew Shanfeld and Griffin O’Brien. Given the startups reach on social media, they’ll have no issues selling properties! Outside of these companies, Adam has invested in Nushama, Azucar Tequila and GLOSSLAB.
Personal Life
Weitsman married his wife, Kim, in 2006. She was a model when they met, but Kim has since quit her modeling career to help Weitsman run his company. The couple has three children (Clover, Rae and Monroe), so the marriage seems to have stood the test of time fairly well.
The billionaire entrepreneur loves to buy real estate and appeared on season 6 of Selling Sunset, where he was looking at a $25 million property! Adam is also a big supporter of Syracuse’s basketball and football teams.
