1. About John D. Rockefeller :
John D. Rockefeller (John Davison Rockefeller) was an American industrialist and philanthropist who founded the Standard Oil Company, which dominated the oil industry and was the first great U.S. business trust.
2. Born : July 8, 1839, Richford, New York, U.S.
3. Nationality : American
4. Net worth : US$24.7 billion (in 2021 dollars; inflation-adjusted)
5. Parents : William (“Big Bill”) Avery Rockefeller and Eliza Davison Rockefeller.
6. Education : High school graduate from Cleveland’s Central High School, Strongsville, Ohio. Then he went to Folsom’s Commercial College for a ten-week business course, where he studied bookkeeping.
7. First Career : At the age of 16, he landed his first job as an assistant bookkeeper for Hewitt & Tuttle, a small produce commission firm in Cleveland.
8. Recognition : He has been largely regarded as the wealthiest American of all time as well as the wealthiest individual in modern history.
9. In 1913, his personal wealth was reported to be $900 million, or about 3% of the $39.1 billion US GDP that year. As a result, Rockefeller became America’s first billionaire, with a fortune worth about 2% of the country’s GDP
10. Founder : Standard Oil Company, University of Chicago, Rockefeller University, Central Philippine University, General Education Board, and Rockefeller Foundation.
11. Rockefeller started his first firm, commission-based hay, grain, meats, and other items business.
12. In the early 1860s, he saw the financial possibilities of rising oil production in western Pennsylvania and built his first oil refinery near Cleveland, which had grown to be the area’s largest refinery within two years
13. The Standard Oil Company was founded in 1870 by Rockefeller and a few associates, including American investor Henry M. Flagler (Ohio). He was the company’s biggest stakeholder and oversaw it until 1897.
14. In 1881, Rockefeller and his friends established a board of nine trustees to oversee the stock of Standard of Ohio and its affiliates in other states, with Rockefeller as its chairman.
15. They created the first significant “trust” in the United States and established a model for future monopolies to follow.
16. In 1911, the Supreme Court declared that Standard Oil must be broken up due to antitrust violations. It was split up into 34 independent firms, including ExxonMobil, Chevron Corporation, and others, some of which still have the greatest revenue levels in the world.
17. He was a great debater and also had a strong passion for music and wished to pursue it as a career.
18. Rockefeller, a fervent Baptist, shifted his focus to charities and benevolence in the 1890s, and after 1897, he devoted himself entirely to philanthropy. He helped establish the University of Chicago in 1892, and by the time of his death, he had donated $35 million to it.
19. During his lifetime, Rockefeller gave away more than $500 million in philanthropy.
20. In his 50’s he suffered from moderate depression and digestive troubles; during the 1890’s he developed alopecia, the loss of some or all body hair.
21. Died : He died of arteriosclerosis on May 23, 1937, in Ormond Beach, Florida.
22. Burial place : Lake View Cemetery, Cleveland, Ohio
23. Spouse : Laura Spelman Rockefeller
24. Children : Five children. (Elizabeth, Alice, Alta, Edith, and John Jr)
25. Quotes :
He was quoted often as saying, “The growth of a large business is merely a survival of the fittest”
He later stated, “From the beginning, I was trained to work, to save, and to give.”
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