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By the late 1920s, Fox was one of the most powerful figures in cinema, worth around $35 million. However, the great stock market crash of 1929 marked the beginning of a downward spiral for Fox, who was already financially strapped after borrowing money to upgrade his theaters for sound. Following the crash, Fox lost control of his company due to overwhelming debt, several legal issues, and a debilitating car accident. Thus, the man behind the company was sidelined, and by the early 1930s, Fox Film Company was floundering.