John D. Rockefeller was born in Richford, New York. His family moved to Cleveland, Ohio, in 1853. In 1863 Rockefeller began working in the oil-refining business. He became the president of Standard Oil Company in 1870. Through aggressive business practices, Rockefeller gained a monopoly of the U.S. oil business. In 1882 he organized the Standard Oil Trust. The Ohio Supreme Court dissolved the trust in 1892. In 1899 Rockefeller organized Standard Oil of New Jersey, which the U.S. Supreme Court dissolved in 1911, the same year Rockefeller retired from business. In addition to being an accomplished entrepreneur, Rockefeller was also known for his philanthropy. He founded the Rockefeller Institute for Medical Research in 1901, the General Education Board in 1902, the Rockefeller Foundation in 1913, and the Laura Spelman Rockefeller Memorial Foundation in 1918. In addition, Rockefeller gave about $80 million to the University of Chicago, becoming its principal benefactor. He donated approximately $550 million to charity.
