J.P. Morgan helped fund Nikola Tesla's research into creating a global communication system using wireless telephone messages. Morgan provided Tesla with $150,000 to build a transmission tower and power plant.
Tesla quickly ran into problems while constructing the transmission tower and asked Morgan for more funding. However, the world had recently learned that Marconi had signaled across the Atlantic using an inexpensive communication system. Morgan started to doubt Tesla's abilities and refused to give him any more money. At about the same time, the stock market crashed and Tesla was forced to give up his project. As a result, Tesla had a nervous breakdown.