It’s been a big day for… Listening to...

0:00 10:23

It’s been a big day for… Listening to...

This Billionaire Just Wiped Out Student Debt For Hundreds, And Raised The Bar For The Incredibly Wealthy At The Same Time

The gift is worth an estimated $40 million.

You might not know the name Robert F. Smith, but he is the wealthiest black man in America and he’s seriously raising the bar for the very wealthy.

Smith made his billions after founding a private equity firm and is making headlines today after he pledged to pay off the entire graduating class of Morehouse College’s student loans.

Smith gave the commencement speech at the private, all-male, historically black college on Sunday and informed the graduating seniors he would be paying off their student loans.

Smith told the crowd of almost 400 graduating seniors, “On behalf of the eight generations of my family who have been in this country, we’re going to put a little fuel in your bus.”

“Now, I’ve got the alumni over there and this is a challenge to you, alumni. This is my class, 2019. And my family is making a grant to eliminate their student loans.”

“Now, I know my class will make sure they pay this forward and I want my class to look at these alumnus, these beautiful Morehouse brothers, and let’s make sure every class has the same opportunity going forward.”

Watch the speech here:

The students had no idea they’d be graduating debt-free. One of the students, Robert James, 21, told CNN  how confused he and his classmates were, “We’re looking at each other like, ‘Is he being serious?’ That’s a lot of money.”

It really is, the gift is worth an estimated $40 million – a small dent in Smith’s almost $5 billion fortune.