Tesla obtained $150,000 from J. Pierpont Morgan in return for a 51% share of any generated wireless patents

Tesla made the rounds in New York trying to find investors for what he thought would be a viable system of wireless transmission, wining and dining them at the Waldorf-Astoria's Palm Garden (the hotel where he was living at the time), The Players Club, and Delmonico's. In March 1901, he obtained $150,000 from J. Pierpont Morgan in return for a 51% share of any generated wireless patents, and began planning the Wardenclyffe Tower facility to be built in Shoreham, New York, 100 miles (161 km) east of the city on the North Shore of Long Island.