Creation of E*TRADE
In 1980, in Palo Alto, Porter met Bernie Newcomb at a party. Having recently purchased an Apple II computer, Porter had the idea that a personal computer could be used to buy and sell stock. Having no means of accessing the necessary information with his modem, Porter convinced Newcomb to become his partner and together create a company that would enable any individual with a personal computer to trade stocks from their home—thereby disintermediating stock trades. Newcomb developed the programming which enabled the project to succeed.
According to Porter, the first actual trade, made on July 11, 1983, was made by a dentist in Michigan.
In 1992, PC Magazine featured Trade*Plus on its cover. In 1992, The San Jose Business Journal named Trade*Plus the year's fastest growing private company in Silicon Valley. In 1996, Trade*Plus was renamed E-Trade Group and went public. Newcomb retired soon after and established a philanthropic foundation, the Bernard A. Newcomb Foundation.
Read more about this topic: William A. Porter
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