Why did Mark Twain’s investment in the Paige typesetter cause financial trouble?

Mark Twain (Samuel Clemens) invested heavily in the Paige typesetter, a machine he believed would revolutionize printing and provide him with a comfortable fortune. Initially, the prototype appeared to work "splendidly," leading Twain to be so confident in its success that he anticipated living entirely off the profits from his investment.1

However, the project became a significant financial drain. Over the years, Twain poured more than $200,000 into the development of the machine. As his publishing company began to flounder, he faced severe cash flow problems, forcing him to divert his own royalties to keep the business and the typesetter project afloat. By 1891, the mounting debt became unsustainable, and he was forced to cease his monthly payments toward the machine's development, effectively abandoning the investment. This financial strain, compounded by a broader economic panic in 1893, ultimately contributed to his declaration of personal bankruptcy and his need to rebuild his career.1