the business man who formed the Standard Oil Company
Rockefeller
The business man who formed the Standard Oil Company was John D. Rockefeller. He founded the company in 1870 and quickly became one of the most successful businessmen in history. Standard Oil Company was the largest oil refiner in the world, controlling more than 90% of the U.S. oil production by the 1880s.
Rockefeller was a master of efficiency and ruthlessly eliminated competition in the oil industry through aggressive business tactics such as buying out competitors and creating vertical integration. This allowed Standard Oil to control every aspect of the oil production, from drilling to refining to transportation.
Rockefeller’s success and wealth were unprecedented, and he became one of the richest men in history. However, his business practices were heavily criticized, and in 1911, the U.S. Supreme Court ordered the dissolution of Standard Oil, citing violations of antitrust laws.
Despite this setback, Rockefeller’s legacy continued through various philanthropic ventures, including the establishment of the Rockefeller Foundation, which has funded numerous scientific and medical research projects.
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