But ended up dying penniless.
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Archived from the IMDb Discussion Forums — Economics, Business, Money, Finance
Nowukno — 3 years ago(November 04, 2022 11:03 AM)
But ended up dying penniless.
After word spread of AC’s superior capabilities, Tesla was approached by the Westinghouse Electric & Manufacturing Company and offered a generous deal to license his technology.
By 1907, Westinghouse was more than $10 million in debt and teetering on the verge of bankruptcy. Westinghouse begged Tesla to lower or temporarily rescind his royalty in order to allow the company to survive. To Westinghouse’s amazement, Tesla tore up the contract on the spot. Tesla was grateful to Westinghouse for believing in him when no one else would.
Had Tesla held onto his royalty over this time, he easily would have become the richest person on the planet and the first person with a $1 billion net worth. Today those same AC motor royalties would generate billions of dollars every year for Tesla’s relatives.
When Tesla died in 1943, he was bankrupt.
https://dailyoddsandends.wordpress.com/2015/11/09/how-nikola-tesla-threw-away-a-billion-dollar-fortune-then-died-penniless/ -