American Genius: Thomas Edison harbored a big grudge when the newly formed General Electric Company was not named after him
Founded in 1892, the General Electric Company (GE) was an early innovator in electric lighting and power and set out to dominate the American electrical industry. On this day in that same year, GE is traded on the New York Stock Exchange for the first time - about two months after the Edison-Houston merger that created it and arranged by financier J. P. Morgan. World headquarters for the company were established in Schenectady, New York.
Miffed that his name did not adorn the new company, Thomas Edison attended his first, last, and only board meeting in August 1892. "I will not go on the board of a company that I don't control," he growled before selling all his GE shares. Edison did remain as a consultant to the company so that he could continue to collect royalties on his patents which remained. Four years later in 1896, GE was one of the original 12 companies listed on the newly-formed Dow Jones Industrial Average. GE is the only one that still remains today.
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Bill Rothschild,Rothschild Strategies Unlimited LLC