American billionaire and philanthropist, Robert F. Smith shocked the nearly 400 graduating students at Morehouse College on Sunday while delivering the commencement address.
He said he’ll wipe out the student debt for the entire 2019 graduating class, which is nearly $40m!
“On behalf of the eight generations of my family who’ve been in this country, I’m going to put a little fuel in your bus. I’ve got the alumni over there, this is a challenge to you alumni. This is my class, 2019, and my family is making a grant to eliminate their student loans,” he said.
He added: “I know my class will make sure they pay this forward, because we are enough to take care of our community.”
Watch the moment below:
Smith has a net worth of about $5 billion according to Forbes, and is the chairman and CEO of Vista Equity Partners, a private equity group he founded in 2000 that specialises in investing in software companies.
Smith is one of the billionaires – including Bill and Melinda Gates, Warren Buffet – to sign the Giving Pledge, committing to giving the majority of their wealth to philanthropy.
Watch Smith’s full speech below: