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In page Tape recorder:

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Crosby invested $50,000 of his own money into the Californian electronics company Ampex, and the six-man concern (headed by Alexander M. Poniatoff, whose initials became part of the company name) soon became the world leader in the development of tape recording, with its Model 200 tape deck, released in 1948 and developed from Mullin's modified Magnetophons.[citation needed]