Reports are emerging that the Rockefeller Family Fund is divesting from the oil industry upon which the Rockefeller family fortune was built (archived). Late family patriarch John D. Rockefeller built the fortune his descendants enjoy with his energy start up Standard Oil, a firm Rockefeller grew though unprecedented horizontal and vertical integration from its inception in 1870 until it was slain by US regulators in 1911. The Rockefeller Family Fund singled out ExxonMobil, the largest direct descendant of their late patriarch's Standard Oil for criticism. An ExxonMobil spokesperson responded alleging a conspiracy by the family against them. It is unknown whether Rockefeller's human and corporate descendants have sought counselling or mediation in the past for their issues. Meanwhile despite some upward movement in oil prices from the level they began the year at prospects for the energy industry as a whole remain bleak.
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Qntra - Herald Of The Most Serene Republic |
"Fossil-fuel investments represent about 6 percent of the Rockefeller Family Fund’s $130 million in holdings" Um OK, so this is really just talking about them selling < $8mm USD worth of XOM. Sounds like majority of divestment already occurred in the past, unless the family has substantial holdings elsewhere.
More generally it appears they've spent much of the fortune and lost the rest to inflation.