In an astonishing commencement address, billionaire Robert F. Smith announced on Sunday that he will wipe out student debt for the entire 2019 graduating class at Morehouse College, prompting cheers and more than a few tears from shocked listeners to his commencement speech. The gift is worth an estimated $40 million, according to the Associated Press, and Smith said his family would pay off the loans through a grant. News of Smith’s generosity quickly went viral, but unlike other high-profile billionaires Smith has a bit less name recognition. Smith, who has a net worth of about $5 billion according to Forbes, is the chairman and CEO of Vista Equity Partners, a private equity group he founded in 2000 that specializes in investing in software companies.

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