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EDITOR’S NOTE

Good morning. The US turned 250 yesterday, which, other than making us wonder how we’d explain the existence of Hawk Tuah to George Washington, has got us thinking about the fascinating evolution of business in America. How’d we go from an agrarian society to one with Elon Musk and SpaceX? What are the most important US companies in history, and what will be the most important moving forward? Those questions and more are answered in today’s special edition delving into 250 years of American biz.

THE LEGENDS

The most iconic US brands of the last 250 years

Coca-Cola

Over two-and-a-half centuries, the US has created a lot of companies. Here are some that changed business and culture, churned out legendary logos, and made commercials that will flash before our eyes on our deathbeds:

Coca-Cola. The company that made those epic Freestyle machines at the movies (and the Federal Reserve) was officially incorporated in Atlanta in 1892 to sell the syrupy concoction created six years earlier by John S. Pemberton, a morphine-addicted chemist and former Confederate soldier. Today, Coke controls about 40% of the nonalcoholic beverage market.

McDonald’s. Ray Kroc is credited with opening the first Mickey D’s in 1955. If you’re going off of the company’s corporate website, Kroc acquired the rights to the business from the McDonald brothers in 1961, but if you’re going off of the 2016 Michael Keaton film, Kroc ripped that burger empire right out from under them. It now spans 36,000 locations worldwide.

Ford and GM. Ford Motor Company gave us the assembly line, eight-hour workdays, and, of course, the Mustang. Ford’s factories, along with those of its chief competitor, General Motors (GM), were ground zero for some of the most defining moments in labor union history. The 1936 Flint sit-down strike at GM saw 136,000 workers participate over 44 days and led to the recognition of the United Auto Workers at the company.

General Electric. Tracing its origins back to Thomas Edison in 1892, GE ushered in a new era of consumerism with electric appliances like dishwashers and home refrigerators. Perhaps the company’s most iconic CEO, Jack Welch, introduced something even more integral to the business world: increasing shareholder value.

Big Tech companies. Microsoft was the first company to hit a $500 billion market cap in 1999, a milestone Apple later surpassed, logging a $1 trillion market cap in 2018. Other Big Tech companies, like Amazon and Facebook (now Meta), kick-started the era of celebrity CEOs.

The others: You’ve probably heard of Walmart, Disney, and Nike—all American. And don’t forget Chick-fil-A and Starbucks. Also, whatever brand Sam Elliott got hired to do a gravely voiceover for.—MM

Richer than the British

At the time of the shot heard ’round the world, American colonists were technically the most prosperous people on Earth, enjoying higher incomes than even their counterparts in the mother country. An average American earned almost 14 pounds per year, compared to 10 to 12 pounds for a Brit. Plus, colonial wealth was more equally distributed, with over 50% of white Americans being property holders, compared to just a small sliver of the Englishmen.

Instead of taking anti-aging peptide injections, affluent citizens like Philadelphia merchants or Southern planters flaunted their wealth with a dinner party display of a single pineapple, which could cost around $8,000 in today’s dollars.

But…the 13 colonies weren’t the biggest New World cash cow, as Britain’s sugar- and pineapple-producing Caribbean islands, including Barbados and Jamaica, had higher value exports.—SK

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TURN OUT YOUR POCKETS

The five richest Americans in history

Illustration: Morning Brew Photos: Getty Images

In ascending order, these are the Americans whose time would be most wasted by bending down to pick up a penny, according to Business Insider. Net worth estimates are adjusted for inflation.

Cornelius Vanderbilt: $284.6 billion. The shipping tycoon, known as “the Commodore,” started as a steamship captain and operator before pivoting to railroads and feuding with other robber barons over control of America’s new freight lines. The only major philanthropic donation he made before his 1877 death was $1 million to build Vanderbilt University.

Larry Page: ~$300 billion. The co-founder and original CEO of Google got his fortune started with $3.8+ billion from the search engine’s 2004 IPO. And the equity keeps on giving: The vast majority of his current wealth comes from his 6% stake in Alphabet, Google’s parent company. Page still serves on the board of Alphabet (for which he receives $1 annually).

Andrew Carnegie: $475.2 billion. After emigrating from Scotland as a child, Carnegie built up the US steel industry, replacing wooden bridges with iron ones and later selling his steel business to fellow magnate and rival J.P. Morgan for $480 million. He also became a naturalized American citizen. The Pittsburgh-based businessman called for labor rights publicly but crushed unions at his own mills. He died in 1919 after donating much of his fortune to music, education, and libraries.

John D. Rockefeller: $516 billion. The patriarch of one of New York City’s famed families became the world’s first billionaire thanks to oil. He dominated US oil production through his company, Standard Oil, until the Supreme Court decided in 1911 that it was an unconstitutional monopoly. His wealth peaked in 1937, the same year that he died, at 1.5% of the US GDP.

Elon Musk: ~$1 trillion. The richest of them all is the recently minted world’s first trillionaire. The South African-born Musk got his start in the 1990s, using a loan from his father to found a digital city guide company that was bought for ~$300 million in 1999. From there, he co-founded PayPal and made another small fortune from its acquisition, then launched SpaceX and invested in Tesla. His stakes in those companies—especially SpaceX—account for almost all of his current net worth. He became a naturalized US citizen in 2002.—ML

BREW'S BEST

These iconic companies no longer exist, but you probably still remember them.
How much do you know about the American Revolution? Take this quiz to find out.
It’s not Independence Day weekend without hot dogs. Which one wins the taste test?
Watch this short, wild history of the two-dollar bill.
How much money did the Founding Fathers actually have?
Bake with the help of the iconic King Arthur Baking Company, founded in 1790.**

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Energy Exploration Technologies, Inc. (“EnergyX”) has engaged Morning Brew to publish this communication in connection with EnergyX’s ongoing Regulation A offering. Morning Brew has been paid in cash and may receive additional compensation. Morning Brew and/or its affiliates do not currently hold securities of EnergyX.

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Comparisons to other companies are for informational purposes only and should not imply similar results. Past performance is not indicative of future results. Market shortfall are forward‑looking estimates and are subject to substantial uncertainty.

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