Fun fact about General Electric you might not know – it was founded by Thomas Edison.
Yeah, it’s true. The company was incorporated in 1892. At that time it acquired all the assets of the Edison General Electric Company and two other electrical companies.
So the man that created the light bulb, is responsible for founding one of the truly iconic companies in American business history. But GE is no longer the giant it once was.
In fact, it will be separating into three public companies, focusing on health care, energy, and aviation.
GE’s history was glorious. ITs an original member of the Dow Jones Industrial Average. But the company has come across tough times since the financial crisis of 2008, and saw 74% of its value disintegrate from 2016-2018. Yes, it probably caused Thomas Edison to roll over in his grave.
In 2018, after a pretty solid 100-plus year run, it was dumped from the Dow in 2018. #endofanera.
As for the details of the breakup of the artist formerly known as General Electric, look for the health care business to branch off in 2023. In 2024, the renewable energy, fossil fuel power, and digital divisions will combine and spin off.
And GE Aviation will exist to supply materials for the U.S. military.
Here’s two more interesting facts about GE you may not known or have forgotten.
It once was the owner of NBC Television. And Jack Welch, the most famous and successful CEO in company history was on the set of the Today Show, waiting topromote his new book after retiring when the World Trade Center towers were hit on September 11, 2001.