How a Penniless Immigrant Built the Empire That Carried America | The Rise and Fall of Greyhound

Greyhound, built by penniless Swedish immigrant Carl Wickman in 1914 from a single seven-passenger Hupmobile, grew into America's largest intercity bus empire by 1955, carrying 250,000 passengers daily across 9,000 towns. However, the company's complete market dominance (85% of intercity bus travel) led to complacency, where management chose short-term profits over maintaining service quality. This culminated in a devastating 1983 strike where workers rejected a 17% wage cut despite the company's $100 million profit, causing ridership to collapse by 55% permanently. The company was subsequently sold off piece by piece to foreign investors, demonstrating that even dominant companies can fail when leadership prioritizes immediate gains over long-term commitment to their core promise.