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.
His story is definitely worth retelling, especially since he’s capitalized on his fame to form a variety of connections with various celebrities in the sports and entertainment world. So let’s trace his path and see how he earned his wealth.
Early Days
The 54-year old Weitsman, who was born and raised in Owego, New York, gave no signs that he was going to have a remarkable life early on. He majored in banking at Long Island University, and he was working at a Manhattan art gallery in the early 90s when things shifted for him.
The catalyst occurred with the passing of his sister from cancer, and Weitsman subsequently moved home to help out with his 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
Weitsman acquired his father’s company, Ben Weitsman & Son, Inc., in 2005, and he began buying other similar businesses in upstate New York.
He renamed the company Upstate Shredding-Weitsman Recycling, and in 2010 his company was named Business of the Year. He then began buying and investing real estate, but his life wasn’t all sunshine and success when it came to his business practices.
Weitsman was arrested in 2004 for check kiting, and he had to pay a million-dollar fine and do 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 upstate New York, and by 2015 he was able to donate the profits from the Krebs restaurant to 16 regional nonprofit organizations in the area.
Net Worth
As of 2023, Adam Weitsman 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 kind 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.
His latest business venture is an even different shift. In 2021 he founded Viridium LLC, a crypto mining company, hoping 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.
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, so the marriage seems to have stood the test of time fairly well.
