Sam Brannan was a genius entrepreneur and a shrewd businessman. Upon announcing “Gold, Gold! Gold from the American River!” In 1848, Sam monopolized the market by purchasing all the spades, shovels, picks, and pans in the surrounding areas. He made his fortune on the desperate 49ers by reselling the tools to the newly minted miners at markups of over 1000%. By 1850, Sam became the first millionaire in California and the most famous person in the state at the time.