Howard Hughes wasn’t a one-trick pony for making money. He diversified across several industries, building a vast fortune through:
- Inheriting and Expanding the Hughes Tool Company: While he inherited a decent sum (around a million dollars) upon his father’s death, the real windfall came later. The senior Hughes had invented a key oil drilling tool, and with the oil boom, the company flourished. Hughes Jr. took the reins and turned it into a multi-billion dollar enterprise.
- Hollywood Success: Hughes dabbled in filmmaking in the late 1920s, producing big-budget films and even directing some. This era of Hollywood glamour helped him rake in profits. He later acquired RKO Pictures, but that venture proved less successful.
- Aviation Pioneer: Hughes’ passion for flying translated into business. He established Hughes Aircraft Company, which not only designed and built planes (like the famed Spruce Goose) but also profited from government contracts during World War II.
- Taking Control of Airlines: Investing in airlines like Trans World Airlines (TWA) proved to be another money-making move. For a time, Hughes increased TWA’s reach and influence significantly.
So, there you have it – a combination of inheritance, business savvy, and an interest in cutting-edge industries like aviation and film made Howard Hughes a financial powerhouse.