Early Business Ventures
At 19, Ludwig established himself in the shipping business when he began transporting molasses around the Great Lakes. There are rumors of his engaging in rum running during prohibition.
In the 1930s, he developed a novel approach to financing further expansion, by borrowing the construction cost of tankers and using pre-agreed charters as collateral. His National Bulk Carriers became one of the largest American shipping companies, and he eventually owned about 60 vessels. His shipyards used welding instead of riveting — which saved time during World War II, when there was huge demand for new ships. After the war, his ships transported oil around the world and he pioneered the construction and use of the new oil supertankers in the 1950s.
Ludwig diversified into an oil refinery, banking, cattle ranching, insurance, and real estate. He invested in various mining and exploration projects in Americas, Africa, Australia and the Middle East. He created a chain of luxury hotels in Mexico, Bermuda and the Bahamas, and developed Westlake Village, California.
In 1971, using his foreign assets, Ludwig founded the Ludwig Institute for Cancer Research in Switzerland, which became his primary interest in old age. Since his death, it has distributed over a billion dollars around the world for cancer research.
Read more about this topic: Daniel K. Ludwig
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