Stockton Rush has an estimated net worth of $20 million: Richard Stockton Rush III (born March 31, 1962) is an American engineer, pilot and businessman. He is the Co-Founder and Chief Executive Officer (CEO) of OceanGate. On June 18, 2023, he was killed along with four others aboard OceanGate’s Titan submersible while attempting to tour the wreck of the Titanic in the North Atlantic.
In 2006, Rush bought components from a private company and built a tiny submersible using blueprints provided by a retired U.S. Navy submarine commander. Rush was motivated by a desire to explore the waters of Puget Sound without training in scuba diving equipment. He initially tried to buy his own submarine, but found that there were fewer than 100 privately owned submarines worldwide. The boats Rush built were 12 feet long and capable of diving to depths of 30 feet.
Rush’s experience and research led him to believe that submersibles had an unfounded reputation as dangerous vehicles because they were used to transport commercial divers, and that the Passenger Ship Safety Act of 1993, a U.S. law) “unnecessarily prioritizing” passenger safety over commercial innovation”. In 2009, Rush co-founded OceanGate with business partner Guillermo Söhnlein after commissioning a marketing study that concluded that underwater ocean tourism There is enough demand. Rush said the company’s goal is to use commercial tourism to support the development of new deep submersibles, enabling further commercial investments in resource extraction and disaster mitigation.
In 2018, Rush joined researchers and scientists on an expedition in the San Juan Islands to observe red sea urchin and sandgun habitats. In 2022, Rush and four others landed on the wreckage of the Titanic, and the exploration of the wreck was complicated by technical issues related to the pilot’s controls.
On June 18, 2023, Rush was viewing the wreckage of the Titanic aboard the Titan submersible owned by OceanGate, Inc., when the ship lost contact with the surface vessel MV Polar Prince. The search and rescue mission involved water and rescue air support from the United States, Canada and France.
After discovering a wreckage field about 490 meters (1,600 feet) from the Titanic’s bow on June 22, OceanGate said it believed Rush and four others on board were “tragically missing.” A subsequent press conference by the U.S. Coast Guard confirmed that the debris found was consistent with a catastrophic loss of the pressure hull that killed everyone on board.
Stockton Rush Net Worth: How much is the CEO of OceanGate worth?
Stockton Rush has an estimated net worth of $20 million. Richard Stockton Rush III amassed a considerable fortune through a successful career as an engineer, pilot and entrepreneur.
Rush’s journey to financial success can be attributed to his various adventures and accomplishments. As co-founder and CEO of OceanGate, he played a key role in making the company a preeminent player in underwater exploration and diving technology.