On June 2, 2023, William Clemente III, a prominent on-chain analyst and Co-Founder of Reflexivity Research, took to Twitter to share a comprehensive exploration of the life and contributions of J.P. Morgan, a titan of modern finance.

Clemente’s thread started by acknowledging Morgan’s significant role in shaping the financial landscape. He highlighted Morgan’s multi-billion dollar fortune, his role in unifying the railroad system, the establishment of JPMorgan Chase, and his crucial intervention during the 1907 stock market crash.

Morgan’s journey into finance began at a young age. Starting as a bank accountant in 1857, he later joined his father’s banking firm in 1861. In 1871, he joined forces with Anthony Drexel to establish Drexel, Morgan & Co., a private banking entity in New York City. This firm evolved into J.P. Morgan & Co. in 1895, with Morgan leading partnerships in New York, Philadelphia, London, and Paris.

Clemente underscored Morgan’s transformative influence on the railroad industry. The industry was riddled with overexpansion and fierce competition in the wake of a railroad bubble. Morgan stepped in to reorganize railroads in 1885, brokering an agreement between two major railroads. This marked the start of his control over many American railroads.

Clemente also touched on Morgan’s pioneering role in the electricity sector. In 1887, Morgan invested a substantial sum in the Edison General Electric Company, and his home was the first private residence in New York to be lit by electricity. Additionally, Morgan facilitated the merger of several companies to form US Steel in 1901, creating a giant in the steel industry.

Morgan’s financial prowess wasn’t solely for personal enrichment. He twice stepped in to stabilize the U.S. economy, first in 1873 by supplying gold to the U.S. Treasury during a financial panic and again during the 1907 banking panic.

Today, Morgan’s legacy continues through the companies he financed and JPMorgan Chase, the largest bank in the U.S.