General Electric was founded on 15 April 1892, in Schenectady, New York State USA, and is a multinational conglomerate corporation with headquarters now in Boston, Massachusetts. GE operates in numerous sectors such as transportation, oil and gas, healthcare, financial services, pharmaceutical, and many more. The company’s numerous endeavors have helped put its net worth to where it is today.
How rich is General Electric? As of early-2017, sources estimate a net worth that is over $285 billion, earned through success in numerous sectors of business. It is one of the largest and most profitable firms in the US, and has been ranked among the Fortune 500 as well as the Forbes Global 2000. As the company continues its work, its value is expected to further rise.
General Electric Net Worth $285 billion
In 1889, the JP Morgan Company Drexel, Morgan & Co. would finance Thomas Edison’s lighting experiments, and would merge his many electric-related business interests , and a few years later, General Electric would be formed thanks to the merger between Edison General Electric Company and Thomson-Houston Electric Company. In 1896, the company would become public, one of the first companies to be listed on the newly formed Dow Jones Industrial Average. The company would go on to absorb other companies over the years, including the National Electric Lamp Association (NELA). They also had a deal with the Radio Corporation of America (RCA) which lasted for over a decade. In 1927, GE became one of the first companies to help start long range television broadcasting.
During World War I, GE would become instrumental in helping create the first superchargers for advancement in aircraft technology. They later continued with developing the Whittle jet engine, and would continue to increase their net worth with their contributions to the military. In 2002, the company would acquire Enron assets after their bankruptcy, solidifying their status as one of the top companies in manufacturing of large wind turbines, effectively doubling their annual sales.
In the area of computers, GE was one of the eight major computer companies of the 1960s; they had their own line of computers for general purpose and message switching. Two years later, they created the GCOS operating system and would then join MIT to create the GE 645 mainframe computer. It wasn’t a commercial success, but exhibited computer concepts that would be used in later developments. GE was the first business in the world to own a computer, however, they would later sell their computer division to Honeywell. Other acquisitions that GE has had over the years include Kidder, Peabody & Co, Genpact, Santander, Lufkin Industries, Alstom, and LM Wind Power.
GE’s tax return is the largest return ever filed in the US, with its length at an approximate 24,000 pages. The company’s CEO is Jeffrey Immelt, who was selected by the Board of Directors in 2000 to replace Jack Welch, effected somewhat at the start of his tenure because of the September 11 attacks. He would later become one of President Obama’s financial advisors.
Inevitably with such a business, General Electric has had its share of controversies. They’ve been criticized for allegedly being a heavy contributor to large scale air and water pollution, including issues with the pollution of the Housatonic and Hudson River. However, in recent years, the company has endeavored to progress on numerous environmental initiatives such as promotion of solar power and natural gas. They have also dedicated a part of their research to clean technology and renewable energy. Other initiatives they have include education, marketing, media, and politics.
