He sold his stake for $500K, and it became worth $50M
In 1993, $BTC #short actor Kevin Costner bought a patent from the U.S. Department of Energy for a machine that separates oil from seawater. He paid for it out of his own pocket, and its cost eventually exceeded twenty million dollars. For seventeen years, he alone kept investing in his dream, and whenever he presented it to someone, he was told that the machine was too expensive and unnecessary.
Then came the spring of 2010. BP’s platform exploded in the Gulf of Mexico, and oil kept pouring into the sea for weeks. On June 9, seven weeks after the disaster began, Costner stood before Congress and said that he had bought the patent seventeen years earlier, that it had cost more than twenty million dollars, and that he had paid for it in full. He then added that BP had already ordered a number of the machines.
Just two days later, on June 11, actor Stephen Baldwin and his partner, Spyridon Kontogouris, signed away their stakes in Costner’s company, Ocean Therapy Solutions. Baldwin sold his ten-percent share for five hundred thousand dollars, according to his own lawsuit. Just four days later, on June 15, BP announced that it would lease thirty-two machines in a deal worth fifty-two million dollars. (The rest of the story is in the comments.) #BinanceSquare #BinancePick
In 1993, $BTC #short actor Kevin Costner bought a patent from the U.S. Department of Energy for a machine that separates oil from seawater. He paid for it out of his own pocket, and its cost eventually exceeded twenty million dollars. For seventeen years, he alone kept investing in his dream, and whenever he presented it to someone, he was told that the machine was too expensive and unnecessary.
Then came the spring of 2010. BP’s platform exploded in the Gulf of Mexico, and oil kept pouring into the sea for weeks. On June 9, seven weeks after the disaster began, Costner stood before Congress and said that he had bought the patent seventeen years earlier, that it had cost more than twenty million dollars, and that he had paid for it in full. He then added that BP had already ordered a number of the machines.
Just two days later, on June 11, actor Stephen Baldwin and his partner, Spyridon Kontogouris, signed away their stakes in Costner’s company, Ocean Therapy Solutions. Baldwin sold his ten-percent share for five hundred thousand dollars, according to his own lawsuit. Just four days later, on June 15, BP announced that it would lease thirty-two machines in a deal worth fifty-two million dollars. (The rest of the story is in the comments.) #BinanceSquare #BinancePick
