William A. Porter
| William A. Porter | |
|---|---|
| Born |
November 10, 1928 Boulder, Colorado, US |
| Died | Died October 15, 2015 Kilauea, Kauai, Hawaii, US |
| Nationality | American |
| Alma mater | Adams State College, Kansas State University, MIT Sloan School of Management |
| Occupation | Founder of E*TRADE |
| Known for | Pioneer of online trading |
| Spouse(s) | Ada Guthrie (divorced 1974) Joan (1990–Present) |
| Children | 3 |
In 1982, William A. Porter (born November 10, 1928) and Bernie Newcomb founded the first ever electronic stock brokerage, E*TRADE; heralding both the demise of the ticker tape and the advent of the electronic trading age.
After the success of E*TRADE, Porter also co-founded International Securities Exchange (ISE) with Marty Averbuch and became (the first) chairman of ISE on his 70th birthday in 1998. Porter is former chief executive officer, current board member, and chairman emeritus of E*TRADE.
In 2000, CNN called Porter the "forefather of online trading".
"He (also) funneled generous portions of his fortune into businesses and nonprofits benefiting organic farming, recreation and community building on Kauai’s North Shore, died [October 15, 2015] at his home in Princeville, surrounded by family and friends."
Porter was born and raised in Boulder, Colorado and spent his childhood summers as a cowboy on a Colorado ranch. He quit high school to join the Navy during WWII and was expelled from the Navy when they learned he was only sixteen. Porter later put himself through college, finishing undergraduate work in three years and working nights as a crew dispatcher on the Denver and Rio Grande Railroad. According to a 2000 CNN interview, Porter attributes his self-confidence to his work as a young cowboy:
As a student at Adams State College, Porter and other students would take turns visiting and reading aloud to the aged and infirmed former governor of Colorado, Billy Adams.
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.
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