Smith is worth an estimated $7.05 billion, according to the Bloomberg Billionaires Index. Smith was born to Dr. William Robert Smith and Dr. Sylvia Myrna Smith, who were both school teachers. * CDFIs/MDIs being considered (examples and not exhaustive): Security Federal Bank, Institute / North Carolina Community Development Initiative, Sequoyah Fund Inc,Self-Help Credit Union, BEFCOR, Aspire Community Capital,etc. [59] That same year, Smith donated $2.5 million to the Prostate Cancer Foundation to advance prostate cancer research among African-American men. Smith will pay $140 million to settle to a four-year-long investigation into his personal taxes, Bloomberg reported. Download our newest episodes now! Commit to supplier diversity: increase MBE spend in Charlotte region to 5-10%+, Estimated impact (of all initiatives): 3x increase in MBE value & ~13K new jobs, boosting Black communitys net worth by ~$2B+, 4. Smith also donated $5,000 to Republican Mitt Romney, according to the research group. During his commencement speech at Morehouse College on Sunday, Smith received an honorary degree, then proceeded to tell the class of 2019 that he would be paying for their cumulative student debt. [1] When he was an infant, his mother apparently carried him at the March on Washington, where the Rev. The 2% Solution is a groundbreaking idea for generational change in at-risk communities. [18], Also in October, the Daily Mail reported that Smith had attempted to curry favor with then-President Donald Trump (R) and his advisors during the investigation. The County Chair is the leader of the local party in each county throughout the state. The settlement is reportedly connected to $200 million in assets that Smith moved offshore. We will only grasp the staggering potential of our time if we create on-ramps that empower all people to participate, regardless of background, country of origin, religious practice, gender, or color of skin. As of August 2021, the Initiative has garnered commitments from over 70 companies to invest $65 billion. Amy Harris/Invision/AP. He is the founder, chairman, and CEO of private equity firm Vista Equity Partners . Smith has cited a 2019 McKinsey Global Institute analysis which claims that closing the racial wealth gap would generate $1.5 trillion in additional GDP growth over the decade. Read more: Read the memo private-equity titan Robert F. Smith, the richest black man in the US, sent to his staff about America's racial unrest. Smith did not flee the scene, was cooperative with investigators, and was determined to not be under the influence of intoxicants at the time of the wreck. And I thought liberating 400 spirits 400 years after 1619 is probably a good, good thing to do.". The nonprofit is devoted to supporting the careers of recent college graduates in minority serving institutions. [12], In 2016, the Foundation gave $20 million to Smiths alma mater Cornell University to support its chemical engineering school. Provide in-kind staff: offer 2-5 FTEs to the Charlotte Regional Business Alliance (CRBA)over 5 years to track Black-/Brown-executive representation, convene corporate partners to develop executive pipeline and hiring plans and support corporate partners to increase representation from ~10% to 30%+, Estimated impact (of all initiatives): 2.5K+ additional college graduates and 2.5K workers with high-paying wages to drive ~$0.2B in economic growth, 7. He then pulled up at @Morehouses graduation this morning, received an honorary doctorate, and said hes establishing a grant to pay off everyones student loans in the class of 2019 ? Rhode Island. That is where Robert is right now. I said that was fantastic, because, while I was only a junior in high school, I was getting A's in computer science and my advanced math courses, so it was like I was in college. [4] In 1994, Smith earned an MBA from Columbia University and pivoted his career towards business and finance. He's the founder of the . The couple married in 2015 in a lavish ceremony on Italy's Amalfi Coast, where theyrented out the Hotel Villa Cimbrone and put on a star-studded display that included entertainment from Seal, John Legend, and Bryan McKnight. Smith's work individually and in conjunction with the Fund II Foundation has helped fund racial equity and educational reform initiatives, outdoor access and historic preservation efforts, as well as internships and career pipeline opportunities for . A blogger who has a large audience can create wealth by attracting advertisers. is listed at 1395 South Rd East Greenwich, Ri 02818 and is affiliated with the Republican Party. [6], Smith was the first Black American to sign the Giving Pledge, pledging to donate most of his wealth to philanthropic causes before his death. [2][50], Also that year, Cornell University named the Robert Frederick Smith School of Chemical and Biomolecular Engineering after him, following a donation. Now, Ive got the alumni over here, and this is a challenge to you, alumni: this is my class, 2019. * In partnership with National Bankers Association and Appalachian Community Capital; CDFIs/MDIs being considered include: Unity National Bank, Unity Bank of Texas, PeopleFund, Houston Business Development Inc, etc. The framework ignites innovation, demands fair access, and accelerates the careers of young people who have been overlooked and underestimated. Robert Freeman Smith (June 16, 1931 September 21, 2020), commonly known as Bob Smith, was an American Republican politician who represented Oregon in the United States House of Representatives from 1983 to 1995 and from 1997 to 1999. "I dug up the phone number for Bell Labs to ask about summer internships," Smith said. Well done Robert F. Smith., Robert F. Smith: 5 Fast Facts You Need to Know, Copyright 2023 Heavy, Inc. All rights reserved. Robert D. Burns III (unopposed) 100.00%: . In the years since its founding, the firm has generated bumper returns for investors and gradually increased assets under management. [76] Smith was included on the Time 100, Time's list of the 100 most influential people in the world, in 2020. Robert F.Smith is a billionaire who gave the commencement speech at Morehouse College on Sunday, telling the graduating students his "gift" was to pay off all of their student loans. May 28 Visit Business Insider's homepage for more stories. Lead community organization: The Collective Blueprint, Increase the volume and value of Black-owned businesses through corporate MBE spend and MBE startups & scaling, 1. Billionaire Robert Smith Fighting U.S. Criminal Tax Inquiry. Bloomberg. Robert F Smith (age 70) is listed at 2433 Aberdeen Dr Findlay, Oh 45840 and has no known political party affiliation. Scale team ~$3M: hire 3-4 FTEs over 5 years for One Houston Together* to help companies increase MBE spend from ~2% to 5-10%+ as well as BIPOC workforce advancement and BIPOC board representation, 2. Accessed August 25, 2021. Vista manages a robust investment platform by applying market expertise across private equity, permanent capital, credit and public equity investment strategies. ", "Inspiring Female Founders In The Beauty Industry", "Suzanne McFayden Wiki: Facts about Billionaire Robert F. Smith's Ex-Wife", "How Robert F. Smith, the Wealthiest Black American, Is Making Change", "The World's Billionaires (2016 ranking): #688 Robert Smith", "Real Housewives of Malibu Part 2: Yolanda Hadid Foster sells to Robert & Hope Smith for nearly $20 million", "Billionaire Robert Smith Is Buyer Of Record-Breaking $59M New York Penthouse", https://en.wikipedia.org/w/index.php?title=Robert_F._Smith_(investor)&oldid=1130578664, Pages using infobox person with multiple spouses, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 30 December 2022, at 22:11. And I thought, what can I do to uplift their spirit that is already high? 2,886/$314,048. Robert F. Smith prioritizes making a difference in the communities where he lives and works. [1][9][10], After graduating from Cornell, Smith worked at Goodyear Tire and Rubber Company, Air Products & Chemicals, and later at Kraft General Foods as a chemical engineer,[1] where he registered two United States and two European patents. ** Minority Serving Institutions / HBCUs with STEM programs being considered: Texas Southern University, University of Houston, Prairie View A&M University, Houston Baptist University, University of Houston-Clear Lake, University of Houston-Downtown, University of St Thomas. He worked as a rancher until his election to the Oregon House of Representatives in 1960. "This has been a heartbreaking and painful week for America and a reminder that in our endless pursuit of a 'more perfect union,' a great deal of work remains," Smith wrote. 4. In 2016, Smith was the subject of another massive charitable effort, when he donated $20 million to the African American Museum in 2016. Robert Frederick Smith (born December 1, 1962) is an American billionaire businessman and philanthropist. I am showing the current generations of African Americans they can do it, too. [13], Also in 2016, the Foundation gave $3 million to the Southern Poverty Law Center to support left-progressive criminal justice policy. and increase community outreach to drive regional awareness and new pipeline projects over 5 years, 3. [43], In 2015, Smith sponsored the college education of all returned Boko Haram girls. Smith also serves as the chairman for the Robert F. Kennedy Center for Justice and Human Rights. Fund SFI program $120M: fund the Student Freedom Initiatives Income Contingent Alternative to Parent Plus* to support ~1.2K Black STEM students per year forever at 7 HBCUs**, * Student Freedom Initiative serves as lead (main contact if you are interested in learning more and funding this initiative). Accessed August 25, 2021. Fund endowment $2M: support 50 University of Alabama at Birmingham college students per year with housing to reduce their financial burden and increase college retention and graduation rates, Estimated impact (of all initiatives): 6.5K+ additional college graduates & 35K workers with high-paying wages to drive ~$1.2B in economic growth, 6. The two previously knew each other as titans in the business specter. Political party: Republican: . Accessed August 25, 2021. He went on to study at Cornell and Columbia universities, and he worked at Goldman Sachs before starting his own investment firm. Fund technical assistance $25M: fund Prosper Birmingham, Magic City Match, and Birmingham Business Alliance to establish/expand business advisory programs, renovate and subsidize retail/office space for MBEs and scale coaches & support services (e.g., digital footprint, B2C platforms, accounting & bookkeeping, recruitment, etc.) [74] Smith was also inducted into the Texas Business Hall of Fame as a Class of 2019 Legend. Robert is . The measures even included allegedly shutting down the home's 15 bathrooms to guests in favor of outdoor port-a-potties at their Florida . Robert F. Smith is a philanthropist and entrepreneur committed to uplifting the human spirit, particularly in underrepresented communities. Today, Smith is Vistas Chairman and CEO. Estimated impact (of all initiatives): ~$330M in additional loans per year to support ~30K MBEs, 5. Fund SFI program up to $10M: fund the Student Freedom Initiatives HELPS program to support ~1.5K+ students per year at HBCUs* with emergency expenses e.g., unexpected health costs, late rent payments, etc. To empower technology companies in the enterprise software market, Smith launched Vista Equity Partners, a global investment firm, in 2000. Much to my dismay, they disagreed.". Here's a look at Smith's life and career. Jordan Hart. [1] He grew up in a predominantly African American, middle-class neighborhood in Denver, Colorado. * In partnership with National Bankers Association and Appalachian Community Capital; CDFIs/MDIs being considered include: Community Unlimited, Hope Credit Union, River City Capital, United Housing Inc, etc. [7], In 2014, Robert Smith founded the Fund II Foundation, a grant making philanthropic group. * Minority Serving Institutions / HBCUs in Charlotte that are being considered: Johnson C. Smith University, Johnson & Wales University Charlotte, Charlotte Christian College, 6. Subsidize internships & apprenticeships $40M: fund the New Orleans Youth Alliance, YouthForce NOLA and the Urban League of Louisiana to place and help subsidize apprenticeships, internships and other work-based learning experiences for ~20K young adults in high-pay sectors (e.g., energy), 5. [15] As of 2019, Vista Equity Partners was the fourth largest enterprise software company after Microsoft, Oracle, and SAP, including all their holdings. Many private equity executives are regular donors to campaigns on both sides of the aisle, and Smith is no exception. In 2017, he joined the Giving Pledge, pledging to donate a majority of his net worth during his lifetime. The 2% Solution: Driving Action for Real Change. Robert F. Smith. If youre successful and do the hard work and focus on your job, focusing on the mission instead of the role, your success will be recognized and given visibility. Sources told Bloomberg on Wednesday that Smith reached a $140 million settlement with the Department of Justice. Accessed August 25, 2021. It worked, until now", "How Billionaire Robert Smith Avoided Indictment in a Multimillion-Dollar Tax Case", "A Buyout Fund C.E.O. Billionaire investor Robert Smith on providing financial help for minority-owned small businesses. The move cost Smith $34 million. So the next generation can go even higher., Robert F. Smith says his mother's giving help inspire his philanthropy: "She instilled in me the importance of giving to the community" https://t.co/c4NHbWdOsS pic.twitter.com/vu6kamY7IB. After Smith made that announcement, you can see the shock and celebration take place in the audience, as the students registered fully what Smith was saying. Accessed August 25, 2021. (Photo by Michael Loccisano/Getty Images for RFK Human Rights). The Commission maintains a database of individuals who have made contributions to federally registered political committees. [11] From 1994 to 2000, he worked for Goldman Sachs in technology investment banking, first in New York City and then in Silicon Valley. [24], On May 19, 2019, during his 2019 commencement speech at Morehouse College, Smith pledged a reported $34M in student loan debt, "(including) the debt of parents and guardians incurred" over the educational pursuit of each member of the 2019 graduating class. Pick one school and unburden an entire generation. According to Black Enterprise, his estimated net worth as of 2019 is $5 billion. Increase MBE certification and scale technical assistance ~$2M: partner with One Houston Together* and the Houston Minority Supplier Development Council (HSMDC)** to certify additional MBEs, develop Minority Business Finder database tool and provide resources andservices to help local MBEs scale and participate in Pathways to Excellence program, 3. You just need intellectual property. One Future. initiative. [90] He also has two sons and two daughters with his wife Hope. In a 2015 interview with Columbia Business School, Smith said fly fishing helps him be "more mindful, more thoughtful," adding: "It makes you slow down and actually focus. Born to Dr. William Robert Smith on providing financial help for minority-owned small businesses years after 1619 is a. [ 7 ], in 2014, Robert F. Smith is worth an estimated $ billion... Reached a $ 140 million to settle to a four-year-long investigation into his personal,! 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