Cornelius Vanderbilt had no education, could barely spell, and was reputed to know no math beyond the most basic arithmetic. But what he lacked in education he made up with business acumen. A ruthless competitor, he acquired a huge fortune in the railroad and shipping business, becoming one of the wealthiest men in American history. His net worth in today’s dollars would be over $215 billion.
In 1872 Vanderbilt donated $1 million, a massive sum at the time, to the newly founded Central University of the Methodist Episcopal Church, South, in Nashville. At the time it was made, it was the largest charitable gift in American history. In appreciation the school renamed itself “Vanderbilt University.” During his life Vanderbilt was referred to as “the Commodore,” which explains the origin of the school’s mascot and sports-team nickname “the Commodores.”
Vanderbilt well encapsulated his philosophy when he said, “The public good consists in every individual pursuing his own interest as aggressively as possible.”
Cornelius Vanderbilt was born on Staten Island, New York on May 27, 1794, two hundred twenty-eight years ago today.
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