Billionaire Robert F. Smith to Help 1,000 Students Land Paid Internships

Robert F. Smith reveals his plan to help 1,000 students land paid internships in the fields of science, technology, engineering, and mathematics.

Robert F. Smith, the generous billionaire who paid off Morehouse Class of 2019's student loans, is now stepping it up a notch by launching "intern X" under his Fund II Foundation, which plans to provide "rising sophomores with at least 2.8 GPA from ethnically underrepresented groups" with eight-week summer internships in the fields of science, technology, engineering, and mathematics.

Some companies that have pledged to take on intern X candidates include giant corporations like AT&T, Waterhouse Coopers, Deloitte, Citi, and Vista Equity Partners.

A shocking $40 million gift

Earlier this month, Mr. Smith was the cause of shock and tears in the Class of 2019 Morehouse College graduation. While saying his keynote speech for receiving an honorary Doctorate degree, he revealed that he would be paying off all student debts of that class of graduating students.

People from the crowd were left speechless at this generous donation of his because these loans could reach up to $200,000 per student. To pay off all student loans, it would cost him an estimate of $40 million.

Smith's Fortune

Robert F. Smith is a tech investor, philanthropist, and the wealthiest black man in the United States, with a net worth of $5 billion, beating Oprah Winfrey. He currently ranks 355 on Forbes' billionaires' list.

Smith is the founder, chairman, and CEO of private equity firm Vista Equity Partners, which he started in the year 2000 to invest in smalltime software companies.

Now that he's worth so much, he hopes to give back to more and more people of underrepresented groups, hoping to provide them with the same opportunities that were offered to him when he was able to start his own company.