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Stockton Rush’s Net Worth 2023 Forbes

Stockton Rush’s Wealth and Family Background

Stockton Rush, the CEO of OceanGate, boasts an estimated net worth of $12 million. Coming from a prosperous family background, Rush was afforded various opportunities and experiences due to the financial support from his affluent family. The family’s wealth can be traced back to his grandfather, who, despite humble beginnings as a “dirt poor Irish immigrant,” achieved the remarkable feat of becoming the youngest director of Standard Oil in America by the age of 33.

Moreover, Stockton Rush’s lineage is intertwined with significant figures in American history. His ancestors include Benjamin Rush and Richard Stockton, both signatories of the Declaration of Independence. Additionally, he has ancestral connections to poet Annis Stockton, US Attorney General Richard Rush, and US Civil War commander Richard Henry Rush.

While the exact details of Stockton’s net worth remain undisclosed, taking into account his family’s fortune, salary from OceanGate, and background in aerospace, it is reasonable to estimate his approximate net worth at $12 million. Notably, OceanGate itself holds a valuation of $66 million, indicating that as the Founder and CEO, Stockton likely possesses a significant financial stake in the company.

Stockton Rush: The CEO and Innovator

Stockton Rush is widely recognized as the CEO and founder of OceanGate, an Everett, Washington-based company established in 2009. OceanGate specializes in providing crewed submersibles for various industries, research, and exploration purposes. In a groundbreaking development, the company introduced expeditions to the iconic wreckage of the Titanic in 2021, offering paying customers the extraordinary opportunity to embark on an eight-day journey at a cost of up to $250,000 per person.

Eric Moreno, a former U.S. submariner who interviewed Rush two years prior to these expeditions, expressed his unwavering confidence in Rush’s capabilities and believed in the safe return of both Rush and the passengers. Moreno commended Rush’s determination and expertise, recognizing him as highly competent in handling such ambitious undertakings.

Before delving into the depths of the ocean, Rush’s career primarily revolved around aviation. At the young age of 19 in 1981, he achieved the distinction of becoming the youngest jet transport-rated pilot globally. Later, in 1984, Rush joined the McDonnell Douglas Corporation as a flight test engineer, contributing to the F-15 program.

During the same year, Rush obtained a BSE in Aerospace Engineering from Princeton University, further enhancing his expertise. He went on to earn an MBA from the U.C. Berkeley Haas School of Business in 1989. Alongside his aviation pursuits, Rush personally constructed a Glasair III experimental aircraft and completed a heavily modified Kittredge K-350 two-man submersible, which he has utilized for over 30 dives.

Over the past two decades, Rush has been involved in numerous intellectual property ventures. Notably, he served on the board of directors for Seattle’s BlueView Technologies, a company specializing in small, high-frequency sonar systems. In 2012, Rush played a pivotal role in the acquisition of BlueView Technologies by Teledyne Inc, a leading provider of subsea technologies.

Despite his diverse experiences, Rush’s ultimate ambition has always been to revolutionize underwater travel. In a comprehensive 90-minute interview with Eric Moreno in 2021, Rush passionately shared his vision for the future of submersibles. Moreno, who served on the Los Angeles-class submarine USS Hampton and is the founder of the r/submarines sub-Reddit, was thoroughly impressed by Rush’s innovative ideas.

At that time, no other entity was operating submersibles capable of repeated descents and ascents without requiring extensive refurbishment. Rush assured Moreno of the resilience and safety of his submersibles, which were meticulously constructed using carbon fiber and titanium. He explained that these vessels were equipped with advanced sensors to detect potential failures and enable a safe evacuation if necessary.

Rush has previously showcased the confined interior of the Titan submersible, emphasizing its compact dimensions of 22 feet by 8.3 feet and the need for passengers to sit on the floor. The front of the vessel features a large domed porthole for optimal viewing, while the walls are heated to combat the extreme cold experienced at depths exceeding 13,000 feet.

However, a tragic turn of events occurred on June 18, 2023, when OceanGate Expeditions dispatched the Titan submersible to explore the wreckage of the Titanic. Stockton Rush, along with four other individuals, including Shahzada Dawood, Paul-Henry Nargeolet, Hamish Harding, and Shahzada’s son Suleman, were aboard the vessel as passengers and crew members.

Sadly, after the submersible was deployed, it failed to return as scheduled, sparking concerns and initiating a search and rescue operation led by the U.S. Coast Guard to locate the missing research submarine. News reports confirm that Stockton Rush, Paul-Henry Nargeolet, and Hamish Harding are all reported as missing, intensifying the urgency of the situation.

The 2023 Titan Submersible Incident unfolded in the North Atlantic Ocean off the coast of Newfoundland, Canada. Approximately one hour and 45 minutes into its dive at the Titanic wreck site, contact with the submersible was lost. This raised significant concerns as the submersible did not resurface at its designated time later that day. Authorities were immediately alerted, realizing the submersible’s limited supply of breathable air, estimated to be depleted on the morning of June 22, 2023.

In response, intense rescue efforts and search operations are currently underway to locate and retrieve the missing submersible and its occupants. The situation demands swift action due to the imminent depletion of the air supply. Authorities and rescue teams are working tirelessly to ensure the safety and well-being of those aboard the submersible.

Despite the challenges faced, including the limited timeframe and treacherous underwater conditions, there remains a glimmer of hope. Eric Moreno, among others closely following the incident, remains optimistic about the rescue operation, firmly believing that Stockton Rush’s experience, expertise, and determination make him exceptionally qualified to navigate this critical situation.

As the search and rescue efforts continue, the collective focus remains on locating the missing submersible and bringing all individuals back safely to the surface. The global community anxiously awaits news and updates, hoping for a successful and swift resolution to the 2023 Titan Submersible Incident.

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