Stockton Rush Net Worth, What Happened to Stockton Rush?

Stockton Rush Net Worth

With an estimated net worth of $12 million, Stockton Rush, the CEO of OceanGate, hails from a prosperous family background. According to a Family Office Exchange article from a 2020 virtual forum, Rush had the opportunity to explore various jobs and experiences, thanks to the financial support from his affluent family. The family’s wealth originated from his grandfather, who, despite starting as a “dirt poor Irish immigrant,” became the youngest director of Standard Oil in America by the age of 33.

Furthermore, Stockton’s lineage can be traced back to two prominent figures in American history, Benjamin Rush and Richard Stockton, who were signatories of the Declaration of Independence. He also has ancestral ties to poet Annis Stockton, US Attorney General Richard Rush, and US Civil War commander Richard Henry Rush.

While the precise details of Stockton’s net worth are not publicly available, considering his family fortune, salary from OceanGate, and aerospace background, his approximate net worth is estimated to be $12 million. It is worth noting that OceanGate itself holds a valuation of $66 million, indicating that as the Founder and CEO, Stockton likely possesses a substantial financial stake in the company.

Who is Stockton Rush?

Stockton Rush is the CEO and founder of OceanGate. OceanGate Inc, founded by Stockton Rush in 2009 and based in Everett, Washington, specializes in providing crewed submersibles for various industries, research, and exploration purposes. In 2021, the company introduced expeditions to the iconic wreckage of the Titanic, offering paying customers the opportunity to embark on an eight-day journey at a cost of up to $250,000 per person.

Eric Moreno, a former U.S. submariner who interviewed Rush two years ago regarding these expeditions, expressed his confidence in Rush’s capabilities and believed that he and his passengers would safely return. Moreno remarked that Rush’s determination and expertise made him highly capable of handling such endeavors.

Before venturing into the depths of the ocean, Rush’s career was focused on aviation. He achieved the distinction of becoming the youngest jet transport-rated pilot in the world at the age of 19 in 1981. He later joined the McDonnell Douglas Corporation as a flight test engineer in 1984, working on the F-15 program.

During the same year, Rush earned a BSE in Aerospace Engineering from Princeton University and obtained an MBA from the U.C. Berkeley Haas School of Business in 1989. Alongside his aviation pursuits, Rush personally constructed a Glasair III experimental aircraft and completed a heavily modified Kittredge K-350 two-man submersible, which he has used for over 30 dives.

Over the past two decades, Rush has been involved in several intellectual property ventures. He served on the board of directors for Seattle’s BlueView Technologies, a company specializing in small, high-frequency sonar systems. In 2012, Rush played a role in the company’s acquisition by Teledyne Inc, a provider of subsea technologies.

Despite his diverse experiences, Rush’s true ambition has always been to revolutionize underwater travel. In a 90-minute interview with Eric Moreno in 2021, Rush shared his vision for the future of submersibles. Moreno, who served on the Los Angeles-class submarine USS Hampton and is the founder of the r/submarines sub-Reddit, was thoroughly impressed by Rush’s ideas.

At the time, no one else was operating submersibles that could repeatedly descend and ascend without requiring extensive refurbishment. Rush assured Moreno of the resilience and safety of his submersibles, which were constructed using carbon fiber and titanium. He explained that the vessels were equipped with sensors to detect potential failures and allow for a safe evacuation if necessary.

Rush has previously showcased the confined interior of the Titan submersible, highlighting its small dimensions of 22 feet by 8.3 feet and the need for passengers to sit on the floor. The front of the vessel features a large domed porthole for viewing, and the walls are heated to combat the extreme cold experienced at depths exceeding 13,000 feet.

Time is of the essence in the current situation, as the U.S. Coast Guard’s Rear Adm John Mauger stated that the submersible has a limited oxygen supply remaining, estimated to be between 70 and 96 hours. Despite the challenges faced, Eric Moreno remains optimistic about the rescue operation and believes that if anyone can successfully navigate this situation, it is Stockton Rush.

What Happened to Stockton Rush?

On June 18, 2024, OceanGate Expeditions dispatched a submersible to explore the wreckage of the Titanic, which is located approximately 900 nautical miles east of Cape Cod, Massachusetts. Stockton Rush, the CEO of OceanGate, was among the five individuals aboard the vessel as passengers and crew members.

Unfortunately, after the submersible was deployed, it did not return as scheduled, prompting a search and rescue operation by the U.S. Coast Guard to locate the missing research submarine. Stockton Rush, along with Paul-Henry Nargeolet, a French submersible pilot, and Hamish Harding, a 59-year-old British billionaire businessman, are all reported as missing, according to news reports.

The situation has raised concerns and efforts are being made to locate and rescue the passengers and crew members who were onboard the submersible. The search operation is ongoing, and authorities are working diligently to ensure the safety and well-being of those missing.

2024 Titan Submersible Incident

In the North Atlantic Ocean off the coast of Newfoundland, Canada, on June 18, 2024, the submersible named Titan, operated by OceanGate Expeditions, disappeared. The submersible was engaged in a tourist expedition to observe the wreckage of the Titanic and had a total of five individuals on board: Shahzada Dawood, a British-Pakistani businessman, and his son Suleman, Hamish Harding, a British billionaire, Paul-Henri Nargeolet, a French explorer, and Stockton Rush, the founder and CEO of OceanGate.

Contact with the submersible was lost approximately one hour and 45 minutes into its dive at the Titanic wreck site. Concerns arose when the submersible failed to resurface at its designated time later that day, leading to authorities being alerted. The submersible is equipped with a four-day supply of breathable air, which is anticipated to be depleted on the morning of June 22, 2024.

Rescue efforts and search operations are currently underway to locate and retrieve the missing submersible and its occupants. The situation is urgent due to the limited air supply and authorities are making every effort to bring the individuals back safely.