In a matter of minutes, philanthropist Robert F. Smith changed the lives of hundreds of graduating seniors Sunday at Morehouse College in Atlanta.
The billionaire businessman, who delivered the commencement address for the Class of 2019, brought students to tears when he casually announced his family would pay off student loan debt for the nearly 400 graduates at the historically Black school.
“On behalf of the eight generations of my family who have been in this country, we’re gonna put a little fuel in your bus,” Smith said.
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Smith wasn’t done. He urged alumni sitting in the audience to dig into their pockets as well.
“Now I’ve got the alumni over there. This is a challenge to you, alumni,” he said. “This is my class, 2019. And my family is making a grant to eliminate their student loans.”
The stunned audience erupted in wild applause. The gift to the private, all-male school is said to be worth about $40 million.
Finance major Aaron Mitchom wept during Smith’s speech after hearing his $200,000 in student loans would soon be settled, the Associated Press reported.
“I don’t have to live off of peanut butter and jelly sandwiches. I was shocked. My heart dropped. We all cried. In the moment it was like a burden had been taken off,” Mitchom, 22, said.
Smith is a Cornell grad, and has an MBA from Columbia University. He founded Vista Equity Partners, a software and technology investment firm, which has $46 billion in assets, according to its website.
He is the richest African-American in the U.S., with a net worth of $5 billion, according to Forbes.
Spike Lee, who graduated from Morehouse in 1979 took to Instagram from Vietnam — where he’s shooting his latest film — to commend the tech investor’s generosity.
The filmmaker captioned his post: “Extra Special Shout Out To Robert F. Smith. He Is The Wealthiest African American Ever. Yesterday As The Commencement Speaker At Morehouse College, He Donated 40 Million Dollars To Pay The Student Loans Of The Graduating Class Of 2019. God Bless You And God Bless Dear Old Morehouse, Spike Lee Class Of ‘79.”
Smith received an honorary doctorate from Morehouse during the ceremony. The school said his gift is the largest single donation the university has ever received.
Morehouse was founded in 1867 in response to the liberation of enslaved African Americans after the Civil War.
The school’s website says its legacy is “producing leaders who shape the world.” Other prominent alumni include Dr. Martin Luther King Jr. and Maynard Jackson, the first African American mayor of Atlanta.
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