Fortune History & Trivia | Brand History and Trivia
Fortune is a global business magazine published by Time Inc.
The magazine is known for its annual features ranking companies such as “Best Places to Work,” “ Most Admired Companies“, “40 under 40” and “The Fortune 500”. Fortune has a circulation of approx. 850,000, and is one of the most important business magazines in the U.S., with Forbes being its nearest rival.
Founder: Henry Luce, the influential American publisher behind several noted magazines like Time, Life, and Sports Illustrated was the founder of Fortune.
Fortune was founded by Henry Luce in February 1930, 4 months after the Wall Street Crash of 1929 that lead to the Great Depression. Fortune’s maiden issue with 184 bright, lavish pages debuted with 30,000 subscribers.
The Fortune 500 list was conceptualized by Edgar P. Smith, an editor for Fortune. The first Fortune 500 list was released in 1955. The Fortune 500 list consists of the top grossing companies by revenue and is an indicative of the rise or fall of the American economy.
A team of reporters, accountants and analysts go through the companies’ annual financial statements, which all publicly traded companies must file each year with the U.S. Securities and Exchange Commission. Once the information is gathered and organized, Fortune compiles the list and publishes it in April.
For American companies, nothing exudes prestige like a listing in Fortune magazine’s annual Fortune 500.
- Henry Luce wanted to name the magazine Power initially.
- Fortune began as a monthly magazine, but the frequency was doubled in 1978. In October 2009, however, it was made a tri-weekly due to decrease in ad revenue and circulation.
- DuPont is the only company to be featured on the Fortune 500 list in all editions since 1955.
- Only 3 companies have been able to retain the No. 1 spot on the Fortune 500 list till date- Wal-Mart, ExxonMobil and General Motors.
- Since 1955, more than 1800 companies have appeared on the Fortune 500 list.