As one of the most talked-about figures, Thomas Edison has built a significant fortune. In this article, we dive deep into the assets and career highlights.
What Was Thomas Edison's Net Worth?
Thomas Edison was an American inventor, author, and entrepreneur who had a net worth of $12 million at the time of his death on October 31st, 1931. The modern, inflation-adjusted equivalent of his net worth is $170 million. However, it should be noted that at various points in his life, Thomas Edison experienced extreme financial hardship. He was nearly bankrupt on a number of occasions during periods where his expenditures on inventions vastly outpaced the income from previous inventions. At one point, automotive tycoonHenry Fordwas forced to write off a $750,000 debt owed by Edison.
The Edison Electric Light Company eventually merged to form what we know today as General Electric. Thomas was forced out of the company before it became GE. Had Edison not been forced out and not sold off his entire stake in the company to pay for another venture, he would have owned around $30 million worth of GE at the time of his death. That stake would have been worth the modern equivalent of $500 million.
Edison is known for inventing the first commercially usable lighting system, the phonograph and moving picture camera. He held over 1,000 patents. In 1878, he founded the Edison Electric Light Company. In 1892, financierJ.P. Morganforced Edison from the company and merged with a rival to form General Electric.
Early Life
Thomas Alva Edison was born on February 11, 1847, in Milan, Ohio. When he was a child, the family moved to Port Huron, Michigan. His mother was a schoolteacher and taught him how to read, write, and do arithmetic. Thomas was interested in the nature of how things work at an early age and often conducted experiments at home. At the age of twelve, he developed hearing problems due to a case of scarlet fever. As he grew older, he saw his hearing issues as a positive attribute because it allowed him to focus better.
In addition to being intellectually curious, Edison displayed an entrepreneurial spirit as an adolescent. He began selling candy, newspapers, and vegetables on trains when he was thirteen years old and soon made $50 in profit each week.
At some point during this time, Thomas saved a child from being killed by a runaway train. The boy's grateful father, a station agent, took Edison under his wing. Thomas learned telegraphy and Morse code. He had a natural gift for telegraphy and soon landed a job working for Western Union in Boston.
Ultimately, Thomas Edison's financial journey is a testament to their success.
Disclaimer: All net worth figures are estimates based on public data.
