JP Morgan Cut Tesla Funding

 

Nikola Tesla was an inventor beyond his time. Having obtained dozens and dozens of patents for his work, he experienced several periods of success, though he struggled to finance the Wardenclyffe project. Shrouded in secrecy, the intentions of the project were unclear to the public, however, once desperate for money, Tesla felt that he must reveal them to Morgan in order to secure further financing. Margaret Cheney, author of Tesla: Man Out of Time, estimates that Tesla had misjudged Morgan. “The prospect of beaming electricity to penniless Zulus or Pygmies,” she wrote, left the financier unenthusiastic about the project. Morgan ceased funding shortly thereafter.  

Sources:

1. William J. Broad. "A Battle to Preserve a Visionary's Bold Failure." New York Times: http://www.nytimes.com/2009/05/05/science/05tesla.html.

2. Ron Chenrow. The House of Morgan (174, 257, 289).

3. International Copper Association, http://www.copperinfo.com/aboutcopper/index