John D Rockefeller : The Richest man in modern history | Wiki | Biography | Net worth | Quotes | Standard Oil and much more

 John D Rockefeller: The Richest man in modern history | Wiki | Biography | Net worth | Quotes | Standard Oil and much more




John D Rockefeller was an American oil industry mogul, business tycoon and philanthropist. And also arguably the wealthiest in person in modern history.

Net Worth: It is believed that today's equivalent money would be about $340 Billion Dollars.

He is famously recognized as the founder of Standard Oil.

Early Life:

JD Rockefeller was born on July 8, 1839 in Richford, New York. Even as a young boy, Rockefeller use to earn money by raising turkeys, selling candy and doing jobs for neighbors. In the year 1853, the Rockefeller family moved to the Cleveland, Ohio area.

In 1855, he cleared out secondary high school and enrolled in a business course at Folsom Mercantile College, a 6-month course which he dropped out after three months as he found a job as an assistant bookkeeper for a small firm of commission merchants and produce shippers called Hewitt & Tuttle on September 26, 1855. He uses to earn a mere small amount of $0.05 a day. 


Business Career:

In 1859, John formed a partnership in the commission business with Maurice B. Clark using his savings and money he borrowed. A couple of years later in 1863, both Clark and Rockefeller entered the oil refining industry alongside Samuel Andrews who had refining background. Together they established Andrews, Clark, and Co.

In the year 1865, the five partners that made up Andrews, Clark and Co. put the company for a bid. Rockefeller purchased the company for $72,500 and with Andrews renamed the company as Rockefeller and Andrews.

In 1866, John's brother William Rockefeller Jr. built another refinery in Cleveland and brought John D Rockefeller into the partnership. In the year 1867, Henry M. Flagler became another partner and the firm of Rockefeller, Andrews & Flagler was established. 

By 1868, Rockefeller's continuing practice of borrowing and reinvesting profits, controlling costs and using refineries waste, the company owned two Cleveland refineries and a marketing subsidiary in New York. It was considered to be the largest oil refinery in the world.

On Jan 10th, 1870 Rockefeller ended the partnership of  Rockefeller, Andrews & Flagler forming Standard Oil of Ohio. By his work ethic and efficiency, Rockefeller quickly expanded the company to be the most profitable refiner in Ohio.


Rockefeller proceeded with his self-fortifying business tactics of purchasing the slightest productive contending refiners, enhancing the effectiveness of his tasks, squeezing for rebates on oil shipments, undermining his opposition, making mystery bargains, raising venture pools and purchasing rivals out. Within four months in 1872, which is also later known as 'The Cleveland Conquest' Standard Oil acquired 22 of its 26 Cleveland competitor companies. By 1870's Rockefeller's oil company owned 90% of the world's oil refining industry. To maximize the profits Standard Oil has developed over 300 oil-based products from tar to paint to petroleum jelly to chewing gum. 

Soon Standard Oil steadily gained complete control of oil production in America. 

After Standard Oil was broken up by the federal government, many of its spin-offs become today’s most powerful oil companies including all or part of ConocoPhillips, BP, Chevron and Exxon-Mobil.


Philanthropy:

Rockefeller donated more than half a billion dollars to various philanthropy activities like educational, religious and scientific causes. Among his activities, he funded the establishment of the University of Chicago and Rockefeller University.

Quote:

My two great ambitions were to make $100,000 and to live 100 years