Each day, Benzinga looks back on a notable market moment that occurred on that date.
What happened? On this day 98 years ago, Akio Morita, co-founder of Sony Corp (ADR) (NYSE: SNE), was born.
Where was the market? The S&P 500 was trading at 13.40 and the Dow Jones Industrial Average was at 157.20.
What else was going on in the world? In 1921, Babe Ruth broke the Major League Baseball home run record with her 138th home run. The Great Famine, one of the worst famines in modern history, hit Russia. A pound of butter costs 55 cents.
Revolutionary Japanese business leader: Akio Morita was born in Nagayo, Aichi, Japan and majored in physics at Imperial University in Osaka. In 1946, at the age of 25, Morita joined the Tokyo Telecommunications Engineering Corporation with his partner Masaru Ibuka.
The company developed magnetic tapes and sold the first tape recorder in Japan in 1950. The company was renamed “Sony” in 1958, a name derived from the Latin word “sonus”, which means “sound.”
Sony entered the history of the American financial world in 1961 when it became the first Japanese company to be listed on the New York Stock Exchange. Sony established a massive presence in the music industry in the United States in the late 1980s by acquiring CBS Records Group and Columbia Pictures Entertainment.
Morita resigned as chairman of Sony in 1994 after suffering a stroke during a tennis match. He died of pneumonia in 1999 at age 78.
Today, Sony’s U.S. Certificates of Deposit have a market capitalization of over $ 60 billion.
Photo by Peter de Wit / Wikimedia.
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