John Davison Rockefeller was born on July 8, 1839, in Richford, New York. He was the second of six children born to William Avery Rockefeller and Eliza Davison. His father was a traveling salesman and his mother was a homemaker. The family moved to Cleveland, Ohio, in 1853.
Business career
Rockefeller began his business career at the age of 16 when he got a job as a bookkeeper at a produce commission firm. In 1859, he and a partner opened their own produce commission firm. The business was successful and Rockefeller soon became known for his shrewd business sense.
In 1863, Rockefeller founded the Standard Oil Company with his brother William and several other partners. The company quickly grew to become the dominant force in the oil industry. Rockefeller used a variety of tactics to gain market share, including price cutting and rebates. He also acquired competing companies, sometimes through hostile takeovers.
By the late 1880s, Standard Oil controlled over 90% of the oil refining capacity in the United States. Rockefeller was one of the richest men in the world and his company was a symbol of American industrial power.
Philanthropy
In later life, Rockefeller became a philanthropist. He donated millions of dollars to various causes, including education, religion, and public health. He founded the University of Chicago and the Rockefeller Foundation.
Death
Rockefeller died on May 23, 1937, at the age of 97. He was one of the most influential figures in American history and his legacy continues to be debated today.
How did Rockefeller get his fortune?
Rockefeller's fortune came from his oil business. He used a variety of tactics to gain market share, including price cutting and rebates. He also acquired competing companies, sometimes through hostile takeovers. By the late 1880s, Standard Oil controlled over 90% of the oil refining capacity in the United States.