Philanthropist Robert F. Smith delivered a life-changing start on Sunday at Morehouse College, Atlanta.
Billion businessman, who received an honorary degree from the historically black school, surprised the nearly 400 educated seniors by announcing his family would grant a grant to pay student debt for throughout Class of 2019.
] "On behalf of the eight generations of my family who have been in this country, we'll put some fuel in your bus," Smith said in a video posted on social media.
"This is my class," he added, "and I know my class will pay this forward."
The gift to the private, all male school is said to be worth about $ 40 million. In addition to a $ 1
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Some students told Atlanta Journal Constitution that they graduated with about $ 90,000 in debt.
Smith is a Cornell degree and holds an MBA from Columbia University. He founded Vista Equity Partners, a software and technology company, with $ 46 billion in assets, according to the website.
He is the richest African American in the United States, with a net worth of $ 5 billion, according to Forbes . This year he is # 355 on Forbes Billionaires List of the World's Richest People.
Smith also has Hollywood ties after investing in the Hidden Empire Film Group – run by Deon Taylor and Roxanne Avent. The movie club's recent releases include Meet the Blacks (2016), Traffic (2018) and The Intruder a psychological thriller released May 3rd. The movie stars Meagan Good, Michael Ealy and Dennis Quaid. To date, it has totaled $ 28 million in the domestic market.