How much was Stockton Rush's net worth before the Titan sub disaster
Stockton Rush's net worth was allegedly between $12 million and $25 million before the Titan sub disaster. Fueled by OceanGate's daring Titanic expeditions and $250,000 ticket prices, his fortune reflected entrepreneurial ambition and an inherited legacy. Private investments also added to his rising wealth.
Source: UGC
TABLE OF CONTENTS
Key takeaways
- Stockton Rush's net worth before the Titan sub disaster was allegedly between $12 million and $25 million, built from OceanGate expeditions, aerospace ventures, and inherited family wealth.
- He charged $250,000 per passenger for Titanic dives aboard the Titan, marketing them as deep-sea exploration opportunities for "mission specialists."
- Rush's fortune has lineage to Founding Fathers Benjamin Rush and Richard Stockton, as well as Standard Oil executive Ralph K. Davies and philanthropist Louise M. Davies.
- He made his money through aerospace engineering, remote sensing technology companies, private equity investments, and a controlling stake in OceanGate.
- Following his death in the 2023 Titan implosion, Gordon Gardiner was appointed CEO of OceanGate to oversee investigations.
Stockton Rush's profile summary
| Full name | Richard Stockton Rush III |
| Gender | Male |
| Date of birth | March 31, 1962 |
| Died | June 18, 2023 (aged 61) |
| Place of birth | San Francisco, California, USA |
| Place of death | North Atlantic Ocean |
| Cause of death | Implosion of the Titan submersible |
| Nationality | American |
| Ethnicity | White |
| Sexuality | Straight |
| Height in feet | 5'10" |
| Height in centimetres | 178 |
| Hair colour | Brown |
| Eye colour | Hazel |
| Mother | Ellen Rush (née Davies) |
| Father | Richard Stockton Rush Jr. |
| Siblings | Four |
| Marital status | Married |
| Wife | Wendy Weil |
| Children | Two |
| University | Princeton University, University of California, Berkeley |
| Profession | Businessman |
| Net worth | $12 million–$25 million |
What was Stockton Rush's net worth?
According to International Business Times and The Sun, Stockton Rush's net worth was between $12 million and $25 million at the time of his death. His business ventures, including OceanGate expeditions, aerospace investments, and inheritance from his prominent family, contributed to his net worth.
How did Stockton Rush make his money?
Source: Original
Stockton Rush made his money through a combination of entrepreneurial ventures, aerospace engineering, and inherited wealth. Here's a breakdown of his financial journey:
Career earnings
Stockton Rush centred his business ventures around aerospace engineering, venture capital, and deep-sea exploration. After earning his degree from Princeton, he worked as a flight test engineer for McDonnell Douglas on the F-15 program.
He later managed Remote Control Technology, a company specialising in sonar and remote sensing systems, and served as a financier at Peregrine Partners in San Francisco.
Business ventures
In 2009, Rush co-founded OceanGate Inc., a company focused on developing manned submersibles for deep-sea tourism and research. OceanGate operated vessels like Antipodes, Cyclops 1, and Titan, and charged up to $250,000 per seat for Titanic expeditions.
Rush held a controlling stake in the company and used personal funds to support operations, including a $1.85 million loan to OceanGate, according to Forbes.
Rush also served on the boards of BlueView Technologies, a sonar imaging firm, and Entomo, an enterprise software developer. Finance Monthly reported he had invested in aerospace holdings valued between $2 million and $3 million and purchased a waterfront property near Seattle estimated at $3.2 million.
Despite OceanGate's ambitious goals, the company faced severe financial instability. Reports from Forbes and Rolling Stone revealed that cost-cutting measures compromised safety, and Rush occasionally asked employees to work without pay.
Inherited wealth
According to MailOnline, Stockton Rush came from a wealthy and historically significant American family. He was a direct descendant of Benjamin Rush and Richard Stockton, both signers of the Declaration of Independence. His maternal grandfather, Ralph K. Davies, chaired American President Lines and served as an executive for Standard Oil Company.
His grandmother, Louise M. Davies, donated $5 million to build San Francisco's Davies Symphony Hall, which bears her name, and earned recognition as a major philanthropist.
How much did Stockton Rush charge?
Stockton Rush charged $250,000 per person for a seat aboard the Titan submersible to visit the wreck of the Titanic. This fee covered the deep-sea expedition, which OceanGate marketed as a unique opportunity for "mission specialists" to participate in oceanic exploration.
Despite the high cost, the Titan was not certified by any recognised maritime authority, and experts widely criticised its safety protocols before and after the fatal 2023 implosion. Rush defended his approach in a 2022 CBS interview, saying:
You know, at some point, safety just is pure waste. I mean, if you just want to be safe, don't get out of bed, don't get in your car, don't do anything. At some point, you're gonna take some risk, and it really is a risk/reward question. I said, 'I think I can do this just as safely by breaking the rules.'
Who is the CEO of OceanGate now?
OceanGate appointed Gordon Gardiner as its new CEO in August 2023. Gardiner works as an investment banker with experience in industries such as technology and manufacturing. However, OceanGate appointed Gardiner specifically to lead the company through ongoing investigations and the closure of its operations.
While the company still exists as a legal entity, Gardiner has stated that OceanGate has "permanently" ceased all business operations.
FAQs
- What was Stockton Rush's net worth? Estimates range from $12 million to $25 million, reflecting his stake in OceanGate, private investments, and family wealth.
- How rich was Stockton Rush? At the time of his death in June 2023, his net worth was allegedly around $25 million, though some sources suggest it may have been closer to $12 million.
- Was Stockton Rush a billionaire? Stockton Rush was not a billionaire. He was a multimillionaire with substantial equity in OceanGate and family wealth.
- Where did Stockton Rush get money from? He inherited wealth from a prominent San Francisco family, invested in aerospace and tech ventures, and earned income through OceanGate expeditions and private equity roles.
- How much did Stockton Rush charge? OceanGate charged $250,000 per passenger for Titanic dives aboard the Titan submersible.
- Is OceanGate still in business? OceanGate suspended all operations after the Titan disaster. The company remains registered but is no longer active.
- Did OceanGate ever reach the Titanic? OceanGate's Titan submersible successfully reached the Titanic wreck multiple times in 2021 and 2022 before the fatal 2023 dive.
- Who died with Stockton Rush? The Titan implosion claimed the lives of Hamish Harding (British billionaire), Paul-Henri Nargeolet (French Titanic expert), Shahzada Dawood (Pakistani businessman), and his 19-year-old son, Suleman Dawood.
Final word
Stockton Rush's net worth before the Titan sub disaster was allegedly between $12 million and $25 million. He came from a prominent lineage tied to Founding Fathers and major San Francisco business figures, including Standard Oil's Ralph K. Davies. Despite personal wealth, OceanGate reportedly faced financial instability, with Rush sometimes covering costs himself.
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