Robert F. Smith’s gift of paying off the student loans of Morehouse College’s 2019 graduating class stunned the students and faculty. The gift is estimated at $20 million to $40 million.
Smith seldom gives interviews and operated in relative obscurity until a few years ago. His profile began growing in step with his philanthropy, much of which is aimed at supporting the African American community, and with more public appearances. Vista Equity said Smith was not available to comment for this story.
“That dynamic lived in my neighborhood. It doesn’t live in that neighborhood today as much as it did then. The economic opportunity that was afforded me, I think, has changed. It has shrunk.” Morehouse is an all-male historically African American college. Months before saying he’d wipe out the student loans of this year’s graduating class, Smith announced a $1.5-million gift to the school. He also hasto the Smithsonian’s National Museum of African American History and Culture in Washington, and he and his foundation have given $50 million to Cornell University, his alma mater.
Smith is “a visionary partner who commits to a consistent, focused philanthropy that will have a measurable impact,” City of Hope President Robert W. Stone said in an email Monday., a commitment by the world’s wealthiest individuals and families to dedicate a majority of their wealth to philanthropy. The concept was formed by Bill and Melinda Gates and Warren Buffett.
Smith was drawn to technology and science and got a bachelor’s degree in chemical engineering from Cornell, followed by an MBA from Columbia Business School and a stint at Kraft General Foods.
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