|Net Worth:||$12 million|
|Profession/Career:||CEO of OceanGate|
|Education:||Princeton – Aerospace Engineering UC Berkeley – MBA|
|Full Name:||Richard Stockton Rush III|
|Date of Birth:||March 31, 1962|
|Place of Birth:||San Francisco, California|
Who is Stockton Rush?
Stockton Rush is an entrepreneur and the founder of OceanGate Inc., a company focused on manned submersible technology for deep-sea exploration. Rush has a background in aerospace engineering and has been involved in various projects related to underwater exploration and technology.
Stockton Rush’s Net Worth
Stockton Rush’s net worth is estimated to be around $12 million.
Stockton Rush made most of his money through a mix of family money and involvement in various entrepreneurial ventures, particularly in the aerospace and deep-sea exploration industries. Rush co-founded two aerospace companies, Supersonic Aerospace International (SAI) and XCOR Aerospace. SAI aimed to develop a supersonic passenger aircraft, while XCOR Aerospace focused on the development of reusable rocket engines. These ventures were likely sources of his initial wealth.
He then founded OceanGate Inc. in 2009. The company specializes in the design and manufacturing of manned submersibles for deep-sea exploration and scientific research. Through OceanGate, Rush has been involved in numerous expeditions to explore and document shipwrecks, underwater ecosystems, and geological formations.
Stockton Rush’s Early Life and Childhood
Stockton grew up in a wealthy family. His grandfather made his money in oil, which passed down to his parents. His parents were very supportive of his endeavors and gave him the financial backing he needed to pursue his dreams, which initially was to be an astronaut but then pivoted into deep sea exploration.
His family tree also leads to a very prestigious background, as he is a descendent of not just one, but two of the signers of the Declaration of Independence. Those signers were Richard Stockton and Benjamin Rush, which can be clearly seen in the name his parents gave him which comprises of both the signers last names.
Stockton Rush’s Most Well-Known Achievements
- He became the youngest jet transport pilot ever at 19 years old
- He’s worked with the US Air Force
- He sat on the board of BlueView Technologies, a company involved in the manufacturing of high-frequency sonar systems
- Rush made his own experimental aircraft and submersible, and actively uses them from time to time.
- He founded OceanGate after realizing there wasn’t much competition in the commercial monetization of deep sea exploration via submarines or submersibles
Stockton Rush’s Wife and Children
Stockton’s wife is Wendy Rush, and they were married in 1986. She has participated in three expeditions to the Titanic with her husband via OceanGate missions.
Wendy is the communications director at OceanGate Inc and is on the board of the company’s philanthropic foundation. Prior to this, she had jobs as a teacher and as an account manager with a marketing firm known as Ladd Associates.
Together, they have two kids, a son and a daughter.
Stockton Rush’s Philanthropy
As part of OceanGate, Stockton Rush created a charitable foundation branch for which his wife Wendy Rush is on the board for. According to the website, the OceanGate Foundation serves as a non-profit that provides educational outreach and aims to “create STEM-engaged students” using manned submersibles as a vehicle of education and interest.
Donations help to fund one of the two following goals, depending on the amount:
$1,000 – “Allows a young researcher to be able to participate in the excavation of King Herod’s Harbor for 3 weeks. PhD students provide crucial and expert manpower for the excavation, and these funds will cover travel, food, and lodging.
$3,000 – “Allows a scientist/archaeologist to join an expedition using a five-crewmember submersible as a research platform. Funds are used to reimburse the scientists for costs of roundtrip travel and some basic equipment.”
Quotes by Stockton Rush
“I think it was General MacArthur who said you’re remembered for the rules you break, and I’ve broken some rules to make this work. I think I’ve broken them with some logic and good engineering behind it.”
“I didn’t want to go up into space as a tourist. I wanted to be Captain Kirk on the Enterprise and explore.”
“I’ve broken some rules to make this. Carbon fiber and titanium: there’s a rule that you just don’t do that. Well, I did!”
“The future of mankind is underwater, it’s not on Mars.”
“At some point, safety is just a pure waste. If you just want to be safe, then don’t get out of bed. Don’t get in the car. Don’t do anything.”
“I wanted to be Captain Kirk, and the final frontier is the ocean.”
“There are all these resources to be explored and I couldn’t understand why there weren’t any manned subs. As it turns out, one of the reasons was that nobody had looked at the business aspect of operating a manned sub, since operations were funded by governments through universities for research. Nobody thought about the cost, nobody thought about the revenue.”
“If we trash this planet, the best life boat for mankind will be underwater.”
“The rules of nature don’t bend to the will of human beings.”
“Nature is merciless. It doesn’t care about any ideology, ethos, ideas, or any concepts of fairness.”
OceanGate’s Titan Submersible and the US Coast Guard Search
OceanGate Inc. is a private company that provides manned submersible services. It was founded in 2009 by Stockton Rush and is based in Everett, Washington, USA.
OceanGate’s submersibles are designed for deep sea exploration and can be used for a variety of purposes, such as scientific research, commercial exploration, and film production. They’re known for creating innovative technology in this field.
One of OceanGate’s key achievements was the development of the Titan submersible, which was designed to reach depths of up to 4,000 meters (approximately 13,123 feet). Titan was notably used for expeditions to the wreck of the Titanic.
The company has also been working on other submersibles like the Cyclops-class vessels that are designed to reach even greater depths. Cyclops 2, for instance, is intended to reach depths up to 6,000 meters (approximately 19,685 feet).
In June of 2023, Stockton Rush was heading the Titanic viewing mission, as he has done multiple times before. Unfortunately, during the descent, all contact was lost and after roughly 12 hours of not hearing back, he and the other four participants, which included Hamish Harding, Pakistani businessman Shahzada Dawood, his son Suleman Dawood, and French explorer Paul-Henri Nargeolet, were reported as missing. A US Coast Guard search was initiated.
The latest news at the time of this writing is that a debris field was found near the Titanic wreckage consisting of parts that are believed to be from the Titan submersible, indicating that a possible implosion had occurred. All five are presumed to have passed away.