Stockton Rush was a man of many passions and pursuits. He was an aerospace engineer, a pilot, a venture capitalist, and most notably, a deep-sea explorer. He co-founded OceanGate, a company that offered submersible expeditions to the depths of the ocean, including the wreck of the Titanic. He died in a tragic accident in 2023, along with four others, when his Titan submersible imploded during a dive. How much was his net worth at the time of his death, and what did he leave behind?
A Wealthy Family Background
Stockton Rush was born in 1962 into a wealthy family in San Francisco, California. His maternal grandfather was Ralph K. Davies, a prominent oil executive and politician. His maternal grandmother was Louise Davies, a philanthropist and the namesake of the Louise M. Davies Symphony Hall in San Francisco. Through his father, he was a descendant of two signers of the Declaration of Independence, Richard Stockton and Benjamin Rush.
He attended Phillips Exeter Academy, a prestigious boarding school in New Hampshire, and graduated in 1980. He then earned a bachelor’s degree in aerospace engineering from Princeton University in 1984, and a master’s degree in business administration from the University of California, Berkeley in 1989.
A Career in Aerospace and Technology
After graduating from Princeton, Rush worked for McDonnell Douglas as a flight-test engineer for the F-15 program. He later worked as a venture capitalist at the San Francisco firm Peregrine Partners. He moved to the Pacific Northwest in 1989 to run the company Remote Control Technology, based in Kirkland, Washington. He also worked for BlueView Technologies and the Museum of Flight in different capacities.
Rush had a lifelong interest in aviation and space. He became a commercial pilot at 18 years old, and claimed to have built an experimental plane that he flew throughout his life. He initially wanted to be an astronaut and the first person on Mars, but later realized that it was unlikely to happen in his lifetime. He then shifted his focus to the ocean, which he considered the final frontier.
A Vision for Deep-Sea Exploration
In 2009, Rush co-founded OceanGate with Guillermo Söhnlein, a former naval officer and entrepreneur. OceanGate was a private company that offered deep-sea exploration services to researchers, filmmakers, educators, and adventurers. The company designed and built its own submersibles, including the Cyclops, the Antipodes, and the Titan.
The Titan was the company’s flagship submersible, capable of diving to 4,000 meters (13,000 feet) and carrying five people. It was made of carbon fiber and titanium, and featured a large acrylic dome that offered a panoramic view of the underwater world. The Titan was intended to be the first submersible to offer commercial trips to the Titanic, the iconic shipwreck that lies at 3,800 meters (12,500 feet) below the surface of the North Atlantic Ocean.
Rush was the chief executive officer and the chief pilot of OceanGate. He was also the main visionary and innovator behind the company’s technology and mission. He believed that the ocean was a vast and untapped resource that could offer scientific discoveries, economic opportunities, and environmental solutions. He also believed that the ocean was a source of wonder and inspiration that could spark curiosity and imagination in people.
A Tragic End and a Lasting Legacy
On June 18, 2023, Rush and four other people boarded the Titan for a dive to the Titanic. They were part of a six-week expedition that aimed to document and study the shipwreck, as well as to test the Titan’s performance and reliability. The expedition was also a fundraising event for OceanGate, as each passenger paid $125,000 for the opportunity to see the Titanic up close.
However, the dive ended in disaster, as the Titan suffered a catastrophic implosion at a depth of 3,200 meters (10,500 feet). All five people on board were killed instantly. The cause of the implosion was not immediately clear, but some experts speculated that it could have been due to a design flaw, a manufacturing defect, or a human error.
The accident shocked and saddened the ocean exploration community, as well as the public. Rush was widely regarded as a pioneer and a leader in his field, as well as a charismatic and adventurous person. He was survived by his wife, Wendy Weil, and his two children.
According to various sources, Rush’s net worth at the time of his death was estimated to be between $12 million and $25 million. Most of his wealth came from his family’s funds, his salary from OceanGate, and his investments in the aerospace and technology sectors. He also owned several properties, including a waterfront home in Seattle, Washington.
Rush’s legacy lives on through his company, OceanGate, which continues to operate and offer deep-sea expeditions. His vision and passion for the ocean also live on through the people he inspired and influenced, who share his curiosity and appreciation for the underwater world.
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