When Andrew Carnegie decided to divert his wealth (amassed by success of his steel industry, which he sold for $480 million in 1901) towards philanthropy, close to $350 million was spent on building public libraries and many such organisations including the Carnegie Technical Schools in 1900. In 1912, it was known as Carnegie Institute of Technology and following a merger with Mellon Institute of Industrial Research in 1967, it came to be known as Carnegie Mellon Institute.