Robert Smith, a billionaire technology investor and philanthropist, on sunday announced to 400 graduating seniors at Morehouse College that he planned on giving back to the historically black college in the form of the grants.
“On behalf of eight generations of my family that have been in this country, we’re gonna put a little fuel in your bus,” said Mr Smith.
The 56-year old Smith, who holds an undergraduate degree from Cornell University and a master of business degree from Columbia University, is the founder of the nearly 20-year-old Austin, Texas-based private equity firm Vista Equity has an estimated worth of $5 billion.
The gift is estimated at about $40 million, and is in addition to a $1.5 million gift Smith already announced to Morehouse. In 2016, Smith donated $50 million to his alma mater, Cornell University.
This isn’t Smith’s first gift to Morehouse. Earlier this year, he donated $1.5 million to fund endowed scholarships and build a park where students could study.
