Credit: Courtesy of the Columbia University Libraries
In 1901, Andrew Carnegie sold his steel empire to J.P. Morgan for $480 million (the equivalent today of approximately $10 billion). According to legend, Carnegie wrote his asking price in pencil on a piece of paper and had one of his managers deliver the offer to Morgan, who accepted it without hesitation. "Congratulations, Mr. Carnegie," said the banker when they finalized the deal, "you are now the richest man in the world."
