Warren Van Dyke "Pete" Musser (December 15, 1926 – November 25, 2019) was the chairman of the Musser Group. He was the founder of Safeguard Scientifics, a

venture capital Venture capital (often abbreviated as VC) is a form of private equity financing that is provided by venture capital firms or funds to start-up company, startups, early-stage, and emerging companies that have been deemed to have high growth poten ...

firm that invested in technology companies. At the peak of the

dot-com bubble The dot-com bubble (dot-com boom, tech bubble, or the Internet bubble) was a stock market bubble in the late 1990s, a period of massive growth in the use and adoption of the Internet. Between 1995 and its peak in March 2000, the Nasdaq Comp ...

, Musser was a

billionaire A billionaire is a person with a net worth of at least 1,000,000,000, one billion (1,000,000,000, i.e., a thousand million) units of a given currency, usually of a major currency such as the United States dollar, euro, or pound sterling. The ...

on paper; however, when the bubble burst, he lost almost his entire fortune. Musser was a philanthropist and The Musser Foundation has donated over $50 million to organizations including the

Boy Scouts of America The Boy Scouts of America (BSA, colloquially the Boy Scouts) is one of the largest scouting organizations and one of the largest List of youth organizations, youth organizations in the United States, with about 1.2 million youth partici ...

. Musser has served on the board of directors of the Cradle of Liberty Council. The Musser Award for Excellence in Leadership from Fox School of Business and Management at

Temple University Temple University (Temple or TU) is a public university, public Commonwealth System of Higher Education, state-related research university in Philadelphia, Pennsylvania. It was founded in 1884 by the Baptists, Baptist minister Russell Conwell an ...

and the Musser Scout Reservation in

Montgomery County, Pennsylvania Montgomery County is a county in the Commonwealth of Pennsylvania. It is the third-most populous county in Pennsylvania and the 73rd-most populous county in the United States. As of the 2020 census, the population of the county was 856,553 ...

, are named after Musser.

Early life and education

Musser was born in the

Harrisburg, Pennsylvania Harrisburg is the capital city of the Commonwealth of Pennsylvania, United States, and the county seat of Dauphin County. With a population of 50,135 as of the 2021 census, Harrisburg is the 9th largest city and 15th largest municipality in P ...

, area on December 15, 1926 and earned a

Bachelor of Science A Bachelor of Science (BS, BSc, SB, or ScB; from the Latin ') is a bachelor's degree awarded for programs that generally last three to five years. The first university to admit a student to the degree of Bachelor of Science was the University o ...

in Industrial Engineering at

Lehigh University Lehigh University (LU) is a private research university in Bethlehem, Pennsylvania in the Lehigh Valley region of eastern Pennsylvania. The university was established in 1865 by businessman Asa Packer and was originally affiliated with the Ep ...

in 1949.

Career

In 1952, at the age of 25, Musser went to work as a stockbroker trainee for

Hornblower & Weeks Hornblower & Weeks was an investment banking and brokerage firm founded by Henry Hornblower and John W. Weeks in 1888. At its peak in the late 1970s, Hornblower ranked eighth among member firms of the New York Stock Exchange in number of retai ...

. The next year, he left the company with others to form their own company. In 1955, his company acquired Safe-Guard Corporation and in 1966, Musser's firm changed its name to Safeguard Industries. Musser invested in technology companies in Philicon Valley such as QVC,

Comcast Comcast Corporation (formerly known as American Cable Systems and Comcast Holdings),Before the AT&T merger in 2001, the parent company was Comcast Holdings Corporation. Comcast Holdings Corporation now refers to a subsidiary of Comcast Corpora ...

, and

Novell Novell, Inc. was an American software and services company headquartered in Provo, Utah, that existed from 1980 until 2014. Its most significant product was the multi- platform network operating system known as Novell NetWare. Under the l ...

, which resulted in a $200 million profit. In March 1996, when Ken Fox and Walter Buckley left Safeguard Scientifics to form Internet Capital Group (later Actua Corporation), they asked Musser for $5 million in funding, but he insisted on investing $15 million. At the height of the

, the company had a market capitalization of almost $60 billion, making Musser a paper

. Musser was a director of TyCom, a subsidiary of

Tyco International Tyco International plc was a security systems company incorporated in the Republic of Ireland, with operational headquarters in Princeton, New Jersey, United States (Tyco International (US) Inc.). Tyco International was composed of two major b ...

, and in December 2000, he borrowed $14.1 million from Tyco executives Dennis Kozlowski and Mark H. Swartz On November 29, 2000, after the burst of the

, to repay a loan, Musser was forced to sell 6.5 million of his shares in Safeguard Scientifics for $8.25 per share, or $53.7 million. The stock price was down over 90% from the peak of $99 per share 9 months earlier. This left him with 560,000 shares in the company. In 2003, Musser defaulted on a $26.5 million loan from Safeguard Scientifics. Musser was a member of the board of directors of Brandywine Realty Trust from 1996, when the company acquired properties from a joint venture of Safeguard Scientifics, until 2002.

Personal life

Musser married and divorced Betty K. Musser (née Umstad) and then Hilary Grinker Musser, who was 39 years younger than him. Musser's son, Craig, a renowned kaleidoscope artist under the name Van Dyke, was partnered with Bruce Darda, a New York based tech executive, at the time of his death from AIDS in 1986. Musser spent lavishly on his residences, building his-and-hers tennis courts on his Nantucket residence and spending $100,000 on special garage doors. Musser also was a contributor to Republican causes. He died on November 25, 2019.

References

{{DEFAULTSORT:Musser, Pete 1926 births 2019 deaths 20th-century American businesspeople American chief executives American financial businesspeople Businesspeople from Philadelphia Knights Commander of the Order of the British Empire Lehigh University alumni Pennsylvania Republicans People from Harrisburg, Pennsylvania 20th-century American philanthropists