Today it’s being widely reported that the name “World Trade Center” was sold by Port Authority for $10 almost three decades ago to the World Trade Centers Association, a non-profit entity founded by one of the agency’s bigwigs, Guy Tozzoli. During the construction of the Twin Towers, his title was Director of the World Trade Department of the Port Authority but when he retired from that position, he stayed on as president of WTCA and reportedly made millions of dollars off the name.
The brand value of the name has apparently only increased since the tragic events of September 11. “Certainly 9/11 has ironically raised the profile of the name, such that you don’t really have to explain the name anymore” says John Adeleke of WTC Lagos in a testimonial for a WTCA promo video on its website. “You may have to still explain in a little more in depth what it actually does, but at least the name is very much in everybody’s mind’s eye.”