WESTWARD EXPANSION INDUSTRIALIZATION URBANIZATION 1870 1900
ANDREW CARNEGIE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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480 million
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500 million
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450 million
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None of the above
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Detailed explanation-1: -WEALTHIEST MAN IN THE WORLD Andrew Carnegie sold his steel company to J.P. Morgan for $480 million in 1901.
Detailed explanation-2: -Andrew Carnegie sold his steel company, Carnegie Steel, to J.P. Morgan for $480 million in 1901. According to the Carnegie Corporation, Carnegie’s personal peak wealth was about $380 million, or around $309 billion by today’s standard. For context, Money ran a piece in January about the 10 richest Americans.
Detailed explanation-3: -Early in 1901, J. P. Morgan, the country’s most powerful banker, merged Andrew Carnegie’s Carnegie Steel Corporation with nine other steel companies to form the world’s largest corporation.
Detailed explanation-4: -In his final years, Carnegie’s net worth was $475 million, but by the time of his death in 1919 he had donated most of his wealth to charities and other philanthropic endeavors and had only $30 million left to his personal fortune.