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Founders · Oct 10The Biography of Thomas Edison
Edison raised money from the Vanderbilts and Morgan, who kept his name off the board but required the company to bank with his firm. Morgan later erased Edison's name from the entity that became General Electric, and Edison sold his stock and left.
Tips
- Edison transferred his certainty to investors and staff, who backed him through setbacks▶ 51:20Backers swung between hope and pessimism during the stage between invention and development, yet Edison kept their confidence.
- Edison's backers erased his name and morganized his company into General Electric▶ 55:00The merger became General Electric, and the term morganized described Morgan taking weak companies that needed his money.
