Expert Chaslau Koniukh
  • Companies
  • Global investment
  • Investors
  • Terminology
  • Economy
  • Stock Market
  • World exchanges
  • Tech and Marketing
John Pierpont Morgan
Investors and Entrepreneurs

John Pierpont Morgan: Biography of the influential financier and entrepreneur

31.01.2022
2 min read

Who John Pierpont Morgan is

John Pierpont Morgan was a famous American entrepreneur who contributed greatly to the financial well-being of the United States and helped it survive the Great Depression.
John was born in Connecticut in 1837 into a family of hereditary bankers. So it’s not surprising that from an early age, the boy learned the secrets of the financial world, and from an early age showed an active interest in the field. Morgan’s career began in his father’s bank, but after a while he opened his own firm. John was not squeamish about speculation and used his status and money to his advantage. He was suspected of fraudulent schemes several times, and the entrepreneur simply paid off his military service.
In 1863, Morgan and his partner conducted a speculative transaction, buying a large batch of gold, which was immediately reflected in the value of the metal on the exchange. The profit from such an enterprise amounted to 160 thousand dollars, but the fraud was disclosed, and the businessmen paid a huge fine.
After this situation and his father’s control, John switched to other activities. He bought up companies that were on the verge of bankruptcy, and merged them into a syndicate. In doing so, the businessman achieved an increase in profits with a rather harsh approach, including cutting wages and increasing working hours.John Pierpont Morgan-2Morgan became a powerful man and controlled the railroad industry. In 1895 he gave the U.S. government a loan of $100 million, which saved the economy in hard times.
John was one of the first businessmen to understand the enormous possibilities of electricity. In 1878, together with inventor Thomas Edison, he created the Edison General Electric Company. Morgan’s share of investments amounted to $83 million, and the company grew rapidly.
However, in 1880, Nikola Tesla presented his alternating current technology, which made it possible to obtain electricity much cheaper than Edison’s. A legal battle and confrontation between the two inventors began. In turn, Morgan acted in the other direction – he was hindering the business of George Westinghouse, who was an investor in Tesla. John’s machinations and speculation schemes practically bankrupted Nikola’s patron. As a result, Tesla’s patents went to Morgan, who bought a stake in the joint company with Edison and renamed it General Electric.
John Morgan’s children were also famous people. His grandson became the founder of the major investment firm Morgan Stanley, which later became part of the financial holding company J.P. Morgan & Co.

Tags: Investors and Entrepreneurs
0
Previous Post The French company Total: the main stages of development of the oil producer Next Post The growth of trade turnover between Russia and China has reached record levels

You Might Also Like

investor Cathie Wood
Investors and Entrepreneurs
Who is investor Cathie Wood and what makes her unique
08.07.2022
William Sharpe
Investors and Entrepreneurs
Outstanding economist William Sharpe and his contribution to market development
26.01.2021
Louis François Cartier
Investors and Entrepreneurs
Louis François Cartier and his jewelry empire: the history of the Cartier brand
23.09.2021
Charles Koch
Investors and Entrepreneurs
American businessman Charles Koch: activities and philosophy of life
10.02.2022
Peter Thiel
Investors and Entrepreneurs
Peter Thiel: the secret of investor and philanthropist success
09.08.2020
Erik Penser
Investors and Entrepreneurs
Erik Penser: the ups and downs of the Swedish businessman
30.03.2023

Recent Posts

  • 1Mary Erdoes
    Mary Erdoes: the most powerful woman on Wall Street
    02.06.2023
  • 2Pilatus Aircraft
    Pilatus Aircraft: the history of the Swiss aircraft manufacturer
    01.06.2023
  • 3investment triangle to select a particular asset
    Investment triangle: how to choose the best asset for investment
    31.05.2023
  • 4Nissan and Renault
    Nissan and Renault invest $600 million in a joint venture
    30.05.2023
  • 5Noventiq
    Noventiq plans to float on the Nasdaq exchange
    29.05.2023

Popular Posts

  • Skolkovo analysts: the Russian energy market is suffering losses
  • Businessman Chuck Feeney: the man who gave the world Duty Free
  • Field of activity of the American Monsanto Company Corporation
  • Cryptocurrency market: the future of the segment in 2020

Social media

Editor's Picks

Chaslau Koniukh
Analytics

American bankers from JPMorgan and Goldman Sachs advise to invest in gold: review by Chaslau Koniukh.

Press Secretary
17.08.2020
Expert Chaslau Koniukh
Analytics

Chaslau Koniukh on the analysts’ opinion on the key stake size change soon

Press Secretary
18.06.2020
expert Chaslau Koniukh
Analytics

Chaslau Koniukh: Internet trade market in Russia may reach 2.78 trillion rubles.

Press Secretary
30.05.2020
Will the U.S. oil shale industry be able to quickly recover from the crisis: A Review by Chaslau Koniukh
Analytics

Will the U.S. oil shale industry be able to quickly recover from the crisis: A Review by Chaslau Koniukh

Press Secretary
16.05.2020

Latest Posts

inflation in the UK
Inflation in the UK will decline: analysts’ forecasts
03.06.2023
Mary Erdoes
Mary Erdoes: the most powerful woman on Wall Street
02.06.2023
Pilatus Aircraft
Pilatus Aircraft: the history of the Swiss aircraft manufacturer
01.06.2023

Chaslau Koniukh

Expert Chaslau Koniukh

Chaslau Koniukh – an expert in marketing and project management, IT consulting, international investments, investor, financial analyst. A commodity trader, private consultant, entrepreneur, lecturer, author of several articles on the stock market.

Popular Posts

  • Skolkovo analysts: the Russian energy market is suffering losses
  • Businessman Chuck Feeney: the man who gave the world Duty Free
  • Field of activity of the American Monsanto Company Corporation
  • Cryptocurrency market: the future of the segment in 2020
  • Copper futures: metal demand
Expert Chaslau Koniukh
  • Facebook
  • Twitter
  • Instagram
  • Biography

Chaslau Koniukh – an expert in marketing and project management, international investments, financial analyst.

Social media

Menu

  • Biography
  • Companies and corporations
  • Global investment
  • Investors and Entrepreneurs
  • Economy
  • Market terminology
  • Stock Market
  • World exchanges
  • Tech and Marketing
  • Analytics